Americans often associate home buying season with the late spring and summer. While that is generally the peak of home sales, savvy buyers know to wait for the competition to lessen and now there is data to support this. ATTOM has conducted an analysis of the best time of the year to buy a home and has found that this month is the time to do it.
October, along with the later winter months, offer homebuyers the best deals when house hunting according to the report. Buyers who close escrow in October often pay less of a premium on a home compared to those who close in the spring.
Given the current sellers’ market, buyers this month should still expect to pay a premium but far less. Home buyers in October face a 2.9 percent price increase on a home compared to those buying in May who could experience a premium as much as 11.5 percent.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.
