Winter Is the Best Time to Buy a Home
You may be surprised to learn that buyers willing to close the day after Christmas realize biggest discounts.
December offers more than holiday retail discounts. It’s also the month that includes the only three days of the year to offer discounts below estimated market value to homebuyers.
According to a recently released ATTOM Data Solutions report on the best days of the year to buy a home, December wins at the national level.
Further, buyers willing to close on a home purchase the day after Christmas realize the biggest discounts below full market value of any day in the year.
The analysis focused on more than 23 million single-family home and condo sales over the past six years is evidence of the continuation of a hot sellers’ market.
“Closing on a home purchase the day after Christmas or on New Year’s Eve can be one of the most financially beneficial holiday-season gifts you can get,” said Todd Teta, chief product officer with ATTOM Data Solutions. “While lots of folks are shopping the day-after Christmas sales or getting ready to ring in the New Year, our data shows that buyers and investors are buying homes on those days at a discount. That’s a far cry from buying during June, when they are likely paying about a 7 percent premium.”
The analysis also looked at best months to buy at the state level.
Nationally, while December is considered the best month to buy overall, there is still about a 1.2% premium. However, you can expect to pay higher premiums if you plan on purchasing in the summer, with the month of June having the highest premium at 7.1%.
The states realizing the biggest discounts below full market value were Ohio (-7.4% in January); Michigan (-7.2% in February); Delaware (-6.3% in February); Tennessee (-6.2% in January); and New Jersey (-5.8% in December).
