When is the Best Time to Buy a Home?

Posted by Staff Reporter (media@realtytoday.com) on May 02, 2016 06:10 AM EDT
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Bank-Owned Homes Are Auctioned Off At Community Homebuyer Eventmore big
A person takes notes on the pamphlet listing the homes that are being auctioned off by Fannie Mae during the foreclosed home auction at the Miami Beach Convention Center on August 14, 2010 in Miami Beach, Florida. Fannie Mae is holding private and public community homebuyer auctions and has contracted with Real Estate Disposition, LLC and New Vista to manage the auctions. Fannie Mae's first community auction took place in Phoenix, Arizona, and auctioned 85 properties and generated $2.95 million. (Photo : Joe Raedle/Getty Images)

HGTV's "Income Property" host Scott McGillivray recently revealed when is the best day to buy a house.According to him, Monday is always the best day to purchase a house because there are tons of new deals during this day.

While speaking with Farnoosh Torabi on her podcast "So Money," Gillivray said, "When's the last time you saw a real estate promote an open house on a Monday night? If you think of the average home price in America being around $350,000 you're going to save $3,500 on average by putting offers in on a Monday versus a Saturday."

The reason behind this is very simple. Gillivray said that everyone is busy and preoccupied with their respective work and family lives that they don't have the time to look into real estate deals.

"Sellers are probably not getting a lot of other offers on a Monday, Tuesday or Wednesday so chances are, they'll very quickly and efficiently entertain your offer," he said.

The host added that this is also the very reason why it's more difficult to negotiate with sellers on a weekend than on weekdays.

So if you are really serious about buying your own house, always remember to check out the best deals on Monday. If Monday is typically a very tight schedule for you, try to at least look into the best offers during weekdays.

If you are really serious about buying a house, you wouldn't find it difficult to make time for your search. No matter how busy you are, allot a few hours every day so you can check out the most impressive deals available right now.

Remember, the savings that you can get from buying a house on Monday may also be used for the designing of your interiors. Therefore, it would always be best for you to do this at the beginning of the week.

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