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When’s the Best Time to Buy a Home for Sale?

a young family of three standing next to a buy a home textIf you are looking to purchase a home for sale in the near future, it is beneficial to know when you should begin looking. Second only to location, the time of the year when you buy makes a huge impact on what you will pay. While most people believe that Spring is the best time to buy, if you have the flexibility to wait, you may be better off. For those in El Paso looking for homes for sale, ARP Rental Homes is ready to help.

Biggest Choices in Homes for Sale Equal Biggest Prices

Between cabin fever and wanting the kids to start a new school with a new school year, many people opt to purchase a home for sale in the late spring and early summer. However, like the temperatures, the prices are at the highest they will be all year. While you will have the biggest selection from which to choose, you will also be competing with more people for the properties available. Research done by RealtyTrac shows that April is the most expensive month in which to purchase a house, followed by June. There were no discounts given in these months and homes typically went for over 1% more than their market value.

Time of Year to Buy Homes for Sale

If your timetable allows, your best bet, according to RealtyTrac and Business Insider, is to purchase a home for sale in October. Using data collected over the past 15 years, they found that homes purchased around Halloween were sold at a 2.6% below market value.

However, if you cannot wait that long, you should look during the months of December-February. Houses sold during those months sold for between 2.1 and 2.4% below market value. Be aware that there will probably be less of selection, but those that remain on the market generally have owners who are eager to sell.

The Day to Buy Your Home for Sale

To go further, RealtyTrac and Business Insider also studied days of the week and found that Monday is the best day, as those who bought their home on this day were able to save over 2.3%. If you cannot buy on a Monday, try for Friday and you will still save over 2%. Want a specific day of the year? Set your closing for October 8. Data shows that this day allows those buying homes for sale to save almost 11% over those who bought on the 364 other days of the year. The other good days to buy are November 26 (10.1% discount), December 31 (9.7% discount), October 22 (9.6% discount), and October 15 (9.1% discount).

Whatever you do, try not to buy a home for sale on January 19 as it will increase the price by almost 10% over market value. Additionally, home buyers also paid premiums over 9% on both February 16 and April 20. If you are looking to purchase a home for sale in the El Paso area, now is the time to contact an agent at ARP Rental Homes. We have been in business since 1988 and would like to add you to their list of satisfied clients, regardless of what the calendar says. Contact ARP Rental Homes today!

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Contact ARP Rental Homes

If you would like more information on any of our homes, or would like information on managing your property, please call us at (915) 591-4636 or contact us via our website. We will respond to your request as soon as possible.