Friday the 13th always gets a lot of hype as an unlucky date, but there is an even worse one if you’re purchasing a home. January 19th. According to RealtyTrac, a data company, buyers who close on January 19th pay, on average, 9.6% more than those who buy on the “best day”(October 8th). So why is January 19th the worst day to buy, and what can you do about it? Don’t be scared, though! Read on to find out.
It’s Closing Time
If you are in a market that with longer than average closing times, chances are you have agreed on a price long ago. Many people in slower markets who close mid-January had an offer accepted way back in September or October, when there’s more competition to drive up prices.
On the other hand, if your market has shorter average contracts, you likely went into contract right around the holidays. Although home prices are typically slightly lower in the winter, there is a slight increase in prices right around Christmas. During the holidays, buyers are usually in a rush to just get the process over with. Plus, very few sellers are on the market around Christmas, so it’s a tighter market for buyers.
What’s a Buyer to Do?
So, should you change your closing date to avoid the dreaded 19th? We don’t recommend it. Winter still is generally the least expensive time to buy a home, so take heart! The best course of action is to have a great realtor who can advise you on your market. An experienced realtor who knows your area well will be able to give you a good idea of what your dream home is worth, based on comparable properties in the neighborhood. Knowing a home’s approximate value is the only way to know if you’re getting a good deal.