Study shows October is the best month to purchase a home

Of the 2.7 million sales closed in October since 2000, the average sales price was 2.6 percent below the average estimated full market value at the time of sale, making October the month to buy.

RealtyTrac reviewed more than 32 million sales of both single family homes and condos over the past 15 years, and discovered that typically October is when buyers have gotten the best deal.

“The start of the school year and the holidays influence our buyer decisions and serve as a strategic indicator of the most advantageous times for buyers to land their lowest-priced deal,” said Mark Hughes, chief operating officer with First Team Real Estate.

Other months that were kind to buyers are February, July, December and January. Researches noted they were surprised July was the third best month to buy, since buyers’ markets tend to be in the winter.

The study showed that the worst month to close on a home is April. Since 2000, buyers have purchased homes at an average of 1.2 percent above the estimated market value at the time of the sale. Luckily, that makes April a great month for sellers.

RealtyTrac also analyzed the best day to buy. Of the 5.5 million single family home and condo sales since 2000, Monday was the best day to buy, as buyers saved an average of 2.3 percent, below the estimated market value at the time of sale. Friday buyers received a discount of 2 percent on average.

Thursday is the worst day of the week to buy a home, with a 1 percent average discount. Wednesday is not much better, with a 1.4 percent average discount.

Overall, researchers determined that Oct. 8 is the best day to buy, with buyers saving an average of 10.8 percent below the estimated market value at the time of the sale. Nov. 2 is the second-best day to buy, with houses averaging 10.1 percent below market value.

Buyers beware, Jan. 19 is when buyers paid an average 9.6 percent more than the estimated market value.