Facebook
X
Pinterest
Copy Link
So you’re about to put in an offer on a home you want to purchase, and I , your real estate agent, ask you “when do you want to close?” You respond with “when do you suggest?” The truth of the matter is, the best day to close on a home really depends on your situation.
What day of the week?
This one really mostly depends on what works best for your schedule. Friday is the most popular day as many buyers want to close and be able to have the weekend to be able to move in so they don’t miss work. It is a good idea to try to put closing around times when you will not be working so you can focus on your move and home projects that you want to start right away. With that said, Friday closings can sometimes be risky in case closing were to get delayed. Real estate closings occur Monday through Friday, so if there were a walkthrough issue that needed to be addressed or the wire transfer didn’t come through in time, then you would likely have to wait until Monday. Any other day and you would likely be able to close the very next morning. In conclusion, if you are concerned there may be a closing delay it may be a good idea to choose a day other than Friday (or at least do your final walkthrough the night before instead of the day of). Otherwise, it’s a popular day that allows people to spend their next few days focused on the home. The best day to close on a home is up to you.
What day of the month?
This one you can get very strategic about. Typically, most closings will happen at the end of the month. Why? It has to do with the mortgage and your closing costs. To begin, most of the time your first mortgage payment will be the 2nd first of the month. So, hypothetically, if you closed October 15th, your first 1st of the month would be November 1st and your second 1st of the month would be December 1st, which means that December 1st is when your first mortgage payment is due. Say you close October 31st instead, is your first mortgage payment still due December 1st? Yup. Now, you may ask yourself, why would anyone want to close at the end of the month if closing earlier in the month gets you free days of owning the property before your first payment is due? Answer: you pre-pay the interest at closing for the days in-between closing and your first mortgage payment. Therefore, the bigger the gap between your closing day and your second 1st of the month, the more interest you will pre-pay at closing. This means your closing costs will be more. Some people like this, but most don’t. Hence, we see most closings at the end of the month. Neither is right or wrong, but if you’d rather bring less money to closing and are ok with a sooner payment, then close at the end of the month. If you’d rather have more time before your first payment but bring more money to closing, then close earlier in the month. In conclusion, the best day to close on a home depends on you.
Hire an agent who knows the little things, like how to strategize your closing date.
Hi, I’m Steven Johnson. I am a real estate agent with Coldwell Banker Realty and I help people buy, sell, and invest in real estate throughout the Chicagoland area and Southern Wisconsin. If you’re looking for a real estate agent I would love the opportunity to earn your business. Give me a call, text, or email and we can set a time to discuss your real estate goals in person, over the phone, or on a Zoom call. I’m readily available and eager to work with you! (847) 525-6121.
Steven Johnson
Real Estate Agent
(847) 525-6121
Steven.Johnson@cbexchange.com
Click HERE to get a free estimate of how much your home is worth
