If you’re in the market to purchase a home, mark October on your calendar as the best month to buy.
That’s when you’ll get the biggest discount, according to a new study from RealtyTrac, a company that tracks real estate data and trends.
RealtyTrac analyzed more than 32 million single-family home and condo sales across the nation dating back to 2000. The average sales price in October over that 15-year period was 2.6% below the average estimated full market value at the time of sale – better than any other month.
On a $200,000 home, that’s more than a $5,000 discount — more money toward your down payment and more equity in your home.
When you buy, as this report demonstrates, can play a major role in how much home you can afford.
“The start of the school year and the holidays influence our buyer decisions and serve as a strategic indicator of the most advantageous times for buyers to land their lowest-priced deal,” Mark Hughes, chief operating officer with First Team Real Estate, told RealtyTrac.
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