On Friday, October 8, Energy Realty decided to try a different marketing campaign and hold a company-wide Open House on a Friday afternoon based on data coming from the internet that October 8 was the best day of the year to buy a house!
How is it that I have been a Realtor for over 15 years and I never heard this before? I have been searching the internet now and found several articles about this October 8 phenomenon, and I found so much information on it—amazing! I even found an article in Insider magazine on September 10, 2015, that stated, “According to new research, the best month for buyers is October. And the best day of the week is Monday. And the single best day on the calendar is October 8.”
As I perused the internet for more information, the single factor that stood out is the one that Money Magazine revealed, “Buyers who closed their purchase on October 8 paid, on average, 10.8% less than what RealtyTrac estimated their homes were worth.”
If the discounted price isn’t reason enough to buy a house, then I had to think of another reason why October is the best month to buy a house. My theory is that most buyers want to move before the holidays so they can settle into their new home, and the holiday season begins with Thanksgiving. It takes 30-45 days to close on a house, so if you go under contract by October 15, you are moved in by Thanksgiving.
Don’t worry if you missed the deadline on October 8 because you still have time to find your dream home and close before the end of the year. Texas home sales typically increase during the last quarter as buyers hurry to take advantage of the Homestead Exemption on Property Taxes by closing before January 1. Remember, you have to own and occupy your home by January 1 in order to claim Homestead Exemption for that tax year.
Home sales have been revving up again since September, but inventory remains low and buyers are fatigued with bidding on homes with multiple offers. Across the nation, we are seeing the buying frenzy slow down and buyers settling down to a more realistic price opinion. No one wants to overpay for a home if it isn’t necessary, so sellers will need to understand a realistic price opinion for their home as well.
Call an Energy Realty agent today for a complimentary price opinion.