South Orange County Blog from Bob Phillips

Why October is the Best Time to Buy a House

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Posted by Staff Reporter at Realty Today (media@realtytoday.com) on Oct 05, 2015

Buying a house is no walk in the park. There are many things to consider, not to mention your bank account. But if you’re in the house-hunting phase in your life, now may be the time to make the call. Specifically, this month.

RealtyTrac recently conducted a research to find out when is the best time to make a house purchase. Analyzing more than 32 million real estate transactions since 2000, they discovered that most buyers have gotten the best deals during the month of October. During this month, the average sales price turned out to be less than 2.6 percent than the estimated full market value of the property.

This may be attributed to the fact that around this time, families are focused on getting their kids settled into the school season. Moving to a different location will disrupt this schedule, so there’s less competition in the market. This means sellers are more likely willing to negotiate.

Also, according to Time, a property’s wear-and-tear issues likely surface around fall, as temperatures drop. It’s important to inspect a home’s insulation, heating and drainage systems to make sure you are getting the right price for the house.

In contrast, RealtyTrac found out that the worst month to buy a house if you’re on a tight budget is in April, where prices soar at 1.2 percent. ( End of article.)

From Bob Phillips:  Actually, any time between now and January 15th should be a great time to buy a house, before the buyers return in droves by February.

Thinking of buying? Drop me an email ( BobPhillipsRE@gmail.com ) or give me a call, ( 949-887-5305 ) and let’s talk about your best options.

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