If you’re planning to buy a home anytime soon, Thursday is the day to get the best deal.
Buyers shouldn’t expect to see many discounts on the weekend, as sellers are most likely to cut list prices on Thursdays, a new Zillow report found.
According to the report, 18.5% of sellers cut prices on Thursdays compared to any other day of the week. Less than 14% of sellers cut their prices on Fridays, while less than 10% do so on a Saturday or Sunday.
While the best time to get a deal on a home is typically from early July to mid-September, buyers who can afford today’s prices and mortgage rates could luck out shopping for a house in this fall market. Homes are staying on the market longer and Zillow found a record 28% of sellers have dropped their prices, giving buyers even more bargaining power.
“Fall and early-winter sellers likely understand the market is slower during the colder months and may have built that into their pricing strategy, resulting in fewer price cuts,” said Zillow senior economist Orphe Divounguy. “This year may be the exception. This fall, a record number of sellers have already adjusted their list price to keep up with the rapidly shifting market. The price they set just weeks ago may no longer be attainable in light of rising mortgage rates and falling demand.”
Divounguy added that buyers who are pre-approved for a mortgage at today’s rates will find more discounts and have a better buying experience.
“They will have more time to make a decision and will be able to include contingencies in their offer, which could help them avoid a costly mistake,” he said. “A home should be a long-term investment, and buyers today have a better opportunity to land the right home than they have had in several years. ”
Zillow has other tips for prospective homebuyers in today’s market.
Price cuts: Sellers typically cut list prices three weeks after putting their home on the market and the typical price cut is around 3% ($11,000 on a typical home). If a seller is going to drop the list price of their home it typically happens within a month of it listing.
Savings: How much can you expect to save? Zillow says between 2018 and today, sellers typically reduced their prices between 2.6% and 3.8%.