home buying in may
Buying

Why Is the Last Friday in May so Important When Buying a House?

If you’re in the market to buy a home this year, you should think about making an offer by the last Friday in May. Find out why this date is so important, from Homes.com.

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When You Put in an Offer on a Home Can Have a Big Impact on How Much You Can Save

If you have plans on buying a home this year and you want to get the best deal possible, many signs point to the fact that you should be acting now. This is because after the month of May ends, you could be paying a lot more for the home you’re interested in.

In the real estate world, the month in which you buy isn’t the only important factor you need to consider; the day of the week you put in your offer can also affect your price. Here’s why the last Friday in May is so important to be mindful of, when you want to get the best deal possible on the home you’re looking to buy.

home buying in may

Why Is It Best to Submit an Offer on Friday

You have five days in any given week when you can submit an offer on a home. In most cases, a buyer will find the home they want on a Saturday, compare the pros and cons of the home on Sunday, and then submit their offer on Monday. This is what most people do because it simply fits easier in their schedule best.

But many experienced buyers will tell you that Friday is actually the best time to submit an offer. Buyers who submit their offers on a home on Monday will often find themselves stuck in a bidding war for the rest of the week. But you can often avoid this unpleasant (and expensive) situation by submitting your offer on a Friday, before Monday’s rush of offers.

If the home is priced properly, then you will want to include in your offer a short acceptance period. The goal is to have the home under contract with the proper terms by the end of the weekend. With your offer accepted before Monday, you will avoid the bidding war process and wind up getting the home at the best price possible.

home buying in may

Buying in May Versus June

When spring transitions into summer, the housing market typically explodes, which can make for a bad time to buy if you’re interested in saving money. After May ends, home prices start climbing because sellers anticipate the increase in buyer traffic.

June also sees home closings happening at a faster rate than most other months. This means there’s less time for a buyer to negotiate the price. Homes sold in June also tend to sell for much more than the asking price due to the increase in buyer traffic and the bidding wars that this can cause.

home buying in may

Find the Home You Want Before Summer’s Market Shift

If you want to get into a home before the start of the summer onslaught of buyers and escalating home prices, then now is the time you want to start looking for a home. At Homes.com, we can provide you with up-to-the-minute listings in your desired buying area. You even can use our filters to narrow down your options to only those homes that best fit your wants and needs, saving you time in the process.

Find the home you want and make sure you submit your offer by the last Friday in May to get the home you want at the best price possible.

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Carson is a real estate agent based out of Phoenix, Arizona. Carson loves data and market research, and how readily available it is in today's world. He is passionate about interpreting these insights to help his clients find and buy their perfect home. Carson got into the real estate industry because he loves the feeling of handing over the keys to a new home to happy clients. In his free time, he works on his backyard bonsai garden and spends time with his wife, Julia.

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