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The best month and day to buy a home [Video]

Posted on Monday, September 14, 2015 at 10:16:01 AM

Fall is the second-busiest time of the year, and it may be because potential homebuyers have caught on to something - early on in the season is the month of the year when homes are at their most affordable. 

After analyzing more than 32 million home sales over the last 15 years, RealtyTrac found that the best month to purchase a house is October. The average sales price for 2.7 million homes purchased in October since 2000 was 2.6 percent below the average estimated full market value at the time of sale. 

"We often advise our sellers to take their homes off the market until spring," OB Jacobi, president of Windermere Real Estate, explained. "On the flip side, we tell our buyers that this can be a very opportune time for them because sellers, who keep their homes on the market through the holidays, are often very motivated to sell. There are also typically fewer buyers in the marketplace, so there is less competition for homes."

The real estate information company even identified the best day to close a purchase. Since 2000, buyers were able to save 2.3 percent on Mondays compared with the full estimated market value at the time of sale. 

So if you're looking for a great deal on a home, the best time to close the purchase will likely be on a Monday in October.