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The Best Day to Buy a House is Fast Approaching

by Lolita Thomas

 RealtyTrac-Best-Day-To-Buy

New research from RealtyTrac has found that Sept. 30 is the best day to buy a house in Chicago; according to the data, average buyers on that day see a 10 percent discount below estimated market value.

That’s a week earlier than Oct. 8, which was the best day nationwide to buy a house with a 10.8 percent discount.

Other good days to by a home were Nov. 26 (at 10.1 percent below market value), Dec. 31  (at 9.7 percent), Oct 22. (at 9.6 percent) and Oct. 15, at 9.1 percent below market value.

RealtyTrac also reported that Jan. 19 was the worst day of the year to close on a house, when buyers paid an average 9.6 percent premium above estimated market value.. The second-worst day was Feb. 16 at a 9.4 percent premium, followed by April 20 at 9.5 percent premium. April 6 had a 8.4 percent premium, and April 27 with a 8.2 percent premium.

RealtyTrac Findings

RealtyTrac also reported on additional trends that affect buying a home:

  • Monday is the best weekday to buy a house. Buyers experienced a 2.3 percent discount below estimated market value. Fridays also saw a discount at 2.0 percent.
  • Thursday is the worst weekday to buy a house, because it only yields a 1.0 percent discount. Next is Wednesday, with a 1.4 percent discount, and Tuesday, with a 1.0 percent discount.
  • April is the worst month to close on a house. On average over the past 15 years, buyers have purchased 1.2 percent above estimated market value.
  • The threat of rising interest rates is the leading cause to buy in the fall.
  • Additional findings show that out of the 109 metros surveyed 37 had their best months in September, October and November, and 44 had their best months in December, January and February.

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