This Is the Best Day to Buy a Home, According to Scott McGillivray
The host of HGTV's Income Property, Scott McGillivray, knows a thing or two about purchasing real estate. After all, he's invested in over 100 properties in his lifetime and even owned 25 by the time he was 25 (we're tired just thinking about it). So when he says Monday is by far the best day to buy a house, we listen.
The reality star explained to Farnoosh Torabi on her podcast So Money that anyone who shops on Saturday and Sunday is missing out on potential deals: "When's the last time you saw a real estate promote an open house on a Monday night?" So true. In fact, he said the market drops nearly 1% every week. "If you think about 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," he explains.
The reason behind the market change is actually really simple: "Homeowners are distracted with work and the kids' routines," he says. "[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 says that's also why sellers are more difficult to negotiate with on a weekend than on a weekday.
While every situation is different, the chance to save thousands of dollars definitely makes house hunting on manic Mondays worth it.
[via Business Insider]
