A recent report from Realtor.com showed that the best time to buy a house is between September 12 and October 17. Now, more evidence is emerging that the fall and winter are the times when buyers can get the best deal for a home.
According to a new report from housing data provider, the best month to buy a home is indeed October, as those who buy in this month pay the smallest amount over market value compared to all other months.
Per the report, which examined the last seven years of home sales, those who buy in October pay a premium of 2.9% over market value for their home, the lowest of any month.
But the good deals don’t end in October. In fact, the good news for buyers is that the next few months represent the next best time to buy.
According to the report, buyers in December pay a premium of just 3.4% over market value, while those who buy in November or January pay a premium of 3.9%.
Compare that to the 11.5% over market value that buyers pay when they buy a house in May.
If you’re looking to pinpoint a specific day to make the best deal, ATTOM’s report found that those who buy on December 5th pay a 1.6% premium, while those who buy on December 26th pay a 2% premium.
Beyond that, those who buy on January 6th pay a 2.2% premium; November 9th a 2.3% premium; and December 31st a 2.4% premium.
Those figures are well below the 17.4% premium that those who buy on May 23rd or May 27th pay.
Just a little more proof that now is a good time to buy a house.