If you’re about to buy a house, you’re in luck! This is your month.
For most of us, buying a home will be the largest lifetime investment we ever make. The most advantageous day to make this major purchase, according to a new study by RealtyTrac, is October 8th.
The whole month of October is a good bet, though. RealtyTrac crunched the numbers on housing sales over the last 15 years and found that October’s 2.7 million closings averaged a full 2.6% below the homes’ estimated market values at the time of sale.
Optimize Your Closing Date for Savings
The day of the week matters, too. People who bought a house on a Monday saved an average of 2.3%, the study found. The second-best day of the week was Friday, at 2%.
The worst month? April, whose sales prices were an average of 1.2% above market value.
The optimal closing day does vary by city, though: April 1st is apparently the best day to buy in Seattle, the study said.
The Best Day in Your Area
So when should you sign the contract? It depends where you want to live.
Turns out optimizing your purchase date could save you a lot — up to 38% in Boston and Dallas!
Here are the best day to purchase a home in 11 major US cities, and what you can expect to save on average:
It’s worth doing the research to find out the patterns in your area — 38% savings on a home could be tens of thousands of dollars!
Your Turn: Are you planning to buy a house this month? Will you wait for the best date in your area?
Jamie Cattanach (@jamiecattanach) is junior writer at The Penny Hoarder and a native Floridian. She’s passionate about learning, literature, chocolate and finding ways to live the good life as cost-effectively as possible.