If you’ve been thinking about buying a home, then it’s time to stop pondering and start looking—stat. According to new research from RealtyTrac analysts, October is the prime time for closing on a home purchase. Since 2000, RealtyTrac has reviewed more than 32 million real estate sales, and October buyers on average get a “2.6% discount below estimated market value.” So what makes October so special? “It’s that middle month between the summer selling season and the holidays [when] people are trying to squeeze in a purchase or a sale,” said RealtyTrac Vice President Daren Blomquist. Scroll down for a few more reasons October is the best month to buy a home.
Sellers Are More Motivated
Sellers who’ve had their home on the market all summer will be really motivated to sell this month because “they’re getting nervous.” This gives buyers the advantage to haggle a better deal. With most families busy settling their kids into school, house hunters usually have less competition during the fall buying season.
An Interest Rate Hike Is Expected
Interest rates are expected to rise this fall, which will make it less affordable to buy, so move on the opportunity sooner rather than later. O’Connor adds, “The lower the rate, the more house [you] can afford.”
You’ll Notice More in Cool Weather
When the weather cools down, you can actually notice the faults in a home much easier. From the draftiness to home insulation, heating, and drainage. An HVAC inspector can assess the property and let you know how well it’s being maintained.
To read more reasons why October is the best buying month, visit Money.
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