Homebuyers are always searching for the best deal on their new home. The busy holiday season in December not only delivers great deals on Christmas shopping, it delivers great deals on homes. And after all, a home could even be a Christmas gift. (To learn more about the best way to do that, click here.)
According to a recent study by Attom Data Solutions, December is the best month and December 26th is the best day to get the biggest discount on a home.
The study by Attom Data Solutions found that overall, December is the best month for deals if you are buying a home. Homebuyers and investors searching during the holidays will face less competition in the marketplace. Also, they will have more motivated sellers, which could give an upper hand during price negotiations.
The analysis, based on closing date, found that only ten days of the year offer discounts below estimated market value (no months do overall). Seven of the best days to buy are in December, when savings can average as much as $2,500 or more. Also one day in October, November and February each offer extra discounts for homebuyers with saving of $500 to $1,000.
Attom’s study covers the last five years of sales. Previous years have had more days of good deals but a particularly hot seller’s market in the last few years drove the number of days for deals down. As the market cools down the number of days for deals will go up again.
Using the same data from the study one can also see days that homebuyers are least likely to get a good deal. The days where homebuyers can expect to pay up to 9 percent over the estimated home value are May 28th, 29th, and 30th.
The days that are linked to the best deals are related to holidays and down times when it comes to buyers making offers. With many people busy over the holidays, sellers become more motivated to offer deals. Keep in mind that the study is based on closing dates, so the days are related to down times when buyers are making offers.
For example, the deal day in October is the 12th, when buyers can get a $1,000 discount, are from offers that were most likely accepted over the Labor Day weekend holiday. And on February 12th, when buyers can get a $500 discount, offers were probably accepted around the New Year.
Looking at the study overall by month, buyers pay just 0.5 percent over the estimated home value in December. While June shows buyers can pay 7.3 percent above the estimated home value.
Meanwhile region can affect the best month to buy a home too. Cold seasons tend to offer the best discounts. While Hawaii isn’t as affected by seasonal sales, every other state shows the best discounts from October to February.
Something we have experience with that is not mentioned in the study are year-end deals offered by homebuilders. Homebuilders offer some of the best deals of the year at the end of the year. The greatest year-end type savings are often times tied to homes that can close by the year’s end. Most homebuilders have a preferred lender that is able to close a home very quickly to secure year-end driven promotions. Check out our New & Now and New & Almost Ready For You pages to see new homes available where these deals might apply.
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The Boehmer Team is available for you almost any day of the year. That’s one of the great reasons to work with a team; we have the availability to match your schedule and needs. And you don’t have to go to a national website to find a good deal on St. Louis or St. Charles County area real estate. Our local website gets updated with new listing information multiple times a day while the national sites only get updated every few days. Click on over to TheBoehmerTeam.com or contact The Boehmer Team to assist you in finding a great deal on a new home that is perfect for you.
*See the full Attom Data Solutions report at: https://www.attomdata.com/news/home-prices-and-values/top-10-best-days-of-the-year-to-buy-a-home/