‘When is the best time to buy’
Making the decision to buy a home is huge.
While location is arguably the most important factor, timing may also have a big impact on what you pay.
According to new research, the best months for buyers are September and October. And the best day of the week is Monday.
RealtyTrac reviewed over 32 million home sales over the past 15 years, and they found that homes purchased in October came at a 2.6% discount to the current fair market value.
The discounts are most likely a function of there being fewer buyers, meaning sellers are more willing to settle on lower prices.
The other factor thrown into the mix is a greater proportion of properties coming onto the market in September as the Summer holidays end and the schools go back.
Many people ask me ‘when is the best time to buy’ but the truth is there isn’t such a thing as the ‘best time to buy’ as its dependent on the buyers motive for moving.
A recent article in The Telegraph gave its most generous prediction of the future that property prices may not increase by more than 2% on average up until 2022.
As demand from buyers continues to wane amid concerns over Brexit, house sellers are having to take desperate measures to get a bid.
Buyers and sellers who have a motive to move will do so, however the days of buying a property simply to make a profit later down the line may well be behind us.