Want to Buy a Home? Close on December 26 for the Best Price of the Year
Written By: Jaymi Naciri
Wednesday, December 5, 2018
ldquo;While holiday shoppers are obsessing over finding the ultimate gift deals, tenacious house hunters who buy a home in December compared with other times of the year will save the most money, according to a new study,rdquo; said Bankrate. ldquo;In fact, buying a home on December 26 can save you as much as 2,500 on the sales price.rdquo;
The analysis comes from real estate data company ATTOM Data Solutions, who found that, across the country, seven of the top 10 days to buy a home because of price discounts are in December. ldquo;Itrsquo;s the housing marketrsquo;s version of a Black Friday sale,rdquo; Daren Blomquist, senior vice president of communications with ATTOM, said of the Thanksgiving period.
The company compared every calendar day from 2013 to 2017 that had at least 10,000 sales of single-family homes and condos for their analysis. ldquo;To calculate the premium or discount paid on a given day, ATTOM compared the median sales price for homes with a purchase closing on that day with the median automated valuation model AVM for those same homes at the time of sale,rdquo; said ATTOM.
Specifically, the top 10 days to buy a home, with associated discounts, are:
Image courtesy of ATOM Data Solutions
By comparison, the study found, 7,000 is the average homebuyers spend above the estimated market value of a home across all days of the year. And while the top 10 on the ldquo;best time to buyrdquo; list are clustered in December, with one day each in October and November, donrsquo;t fret if yoursquo;re just not quite ready to pull the trigger. Gaze back at the list and check out the No. 9 spot. Closing on February 9, when ATTOM said buyers typically save about 500, will leave you with a sizable budget for Valentinersquo;s Day.
On the state level
The analysis also took a look at the best months to buy on the state level. Not surprisingly, several of the sates that realized ldquo;the biggest discounts below full market valuerdquo; included those most prone to cold, snowy winters: ldquo;Ohio -8.8 in January; Michigan -7.9 in February; Nebraska -7.3 in December; Tennessee -6.8 in December; and Delaware -6.5 in December,rdquo; said MarketWatch. So, if yoursquo;re looking to buy and are not letting the sub-zero temps stop you, perhaps itrsquo;s time to stop shopping at Best Buy and call your Realtor.
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