Real Estate by Nick Abbadessa
Nick Abbadessa

What’s the best time to make an offer on a home?

Best time to make a home offer
In response to the above question, in all honesty, as soon as you are ready. If you see a property you like, make an offer before someone else does and you lose it. However, if we go off of conventional wisdom, the best day to make an offer is Tuesday.

By Tuesday, any offers generated from the weekend showings have most likely been presented. Therefore, if no offers were presented, you are catching the seller at their lowest level of resistance…when they’re worried if their home will sell.

Likewise, if we take it one step further, you can make an offer on the first Tuesday of the month. Sellers usually have to make their mortgage payment(s) on a home they no longer want or need to sell in the beginning of the month. Therefore, when you make an offer on the first Tuesday of the month, the seller is in a mind frame where he/she doesn’t want to make another payment on the property. They may be more open to accepting a wider range of offers just to sell the home.

In contrast, once again if go with conventional wisdom…the worst time to make an offer would be Friday or Saturday evening, the times when most offers are written. During this time, if you offer less than full price, the seller may counter-offer in hopes of waiting to see what other offers he or she will receive over the weekend.

Other great times to make an offer are when fewer people are looking at homes (i.e. holiday weekends).

Another thing to consider is making an offer on a property over 90 days on the market and without a price reduction. Such sellers are hungry to sell and considering reducing the price, but if you wait until the price drops, competition can increase.

In regards to the best month to make an offer, the answer is January. The weather is cooler (perhaps not so much in California), but generally speaking cooler weather brings out fewer house hunters and subsequently less competition.

But please note, don’t wait until the first Tuesday of January to make an offer on a home that’s over 90 days on the market and hasn’t dropped in price. If you see a house you like and want, make an offer before you lose it. I can’t stress that enough.

Happy House Hunting!