When's the best time to buy a home?

Despite spring commonly being thought of peak homebuying season, there’s actually another time of year when it makes the most sense to buy a home.
And it’s coming right up.
According to new analysis from ATTOM Data Solutions, there are only three days out of the year that see homes sold at discounts below their estimated market value – all of which happen to fall in December.
The report shows that buyers willing to close on a home the day after Christmas see the biggest discounts below full market value, with an average discount of 0.3% over the expected sales price.
Beyond that, the next best days to buy are New Year’s Eve (December 31) and December 4, both of which offer discounts of 0.1%.
“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 of ATTOM Data Solutions.
ATTOM determined the best days to buy by conducting an analysis of more than 23 million single family home and condo sales over the past six years.
The analysis showed that December is the best month to buy, but buyers in December will stay pay about 1.2% premium above estimated market value.
But that’s better than every other month, including June, which sees buyer pay the highest premium, 7.1%.
Despite the drastic jump in premiums, home prices hover around the same median throughout the year; $197,500 in October; $198,018 in November and $198,000 in December.
Broken out by state, homebuyers in Ohio saw the biggest discount below full market value, buying at 7.4% under expected market value in January.
Following Ohio was Michigan, with prices down 7.2% in February; Delaware, with prices down 6.3% in February; Tennessee, with prices down 6.2% in January and New Jersey, with prices down 5.8% in December.
“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,” Teta said. “That’s a far cry from buying during June, when they are likely paying about a 7% premium.”

Comments

Post a Comment

Popular posts from this blog

34 Trends That Will Define Home Design In 2020

Image
Kitchens 1. Three-tone kitchens.  Two-tone kitchen cabinets — meaning the upper cabinets are one color and the lower cabinets another color, or the perimeter cabinets are one color and the island is a different color — dominated kitchens in the past couple of years. So it’s only natural that designers are building on the trend rather than doing away with it. In a three-tone kitchen, one more color or material is introduced to create an asymmetry in the palette that helps define zones or functions and keeps the eye moving. Here, designer Janina Cabrera of  J Style at Home  designed a gorgeous kitchen with white perimeter cabinets, a light wood island base and a knockout powder-blue hutch. In this kitchen by  Hutker Architects , a deep navy defines the refrigerator and pantry wall to the left, joining white perimeter cabinets and a superlight wood island base. Wood via the beams, ceiling, shelves and flooring adds to the diverse three-tone palette. ...
Read more

10 Things You Should Buy Now To Get Through COVID-19 Cabin Fever This Winter

  1. Outdoor gear Dave Labbe , senior vice president at Kittery Trading Post, saw record sales this summer of items like kayaks, camping gear, and bicycles. He expects the trend to continue for the winter. "Our anticipation is that all winter categories will see the same trend," he says. "Snowshoeing, cross-country skiing, downhill skies, snowboarding, and winter camping and hiking will boom as people continue to participate in anything outdoor-related." And outdoor activities aren't just for weekends, either. Kids who are still learning from home will need outdoor breaks. Store inventories of  backyard ice rink kits ,  backyard snowboards , skates, sleds, and snowman kits may melt away quickly. 2. Outdoor clothing Coats, hats, and mittens are popular every winter season, but this year you might have trouble finding what you want as more people brave the cold and snow to fend off cabin fever. "People want to continue spending time together safely this winte...
Read more

Black Homeownership Plunges To Record Low

The homeownership rate of black Americans hit an all-time low in the first quarter of this year as black communities continue struggling to recover financially from the housing crisis a decade ago, recent U.S. Census Bureau data shows. The black homeownership rate has dropped 8.6 percentage points since peaking in 2004. “We can see that discrimination is still there, although it has changed its form,” Michela Zonta, a senior policy analyst at the Center for American Progress, told  The Wall Street Journal . Zonta released a study this week that found higher-income black homeowners are more likely to purchase homes in predominantly minority neighborhood, which have mostly failed to see home values rise since the foreclosure crisis. In comparison, neighborhoods with predominantly white borrowers have seen homes appreciate 3% between 2006 to 2017, while homes in predominantly black neighborhoods tended to be worth 6% less than they were in 2006, according to Zonta’s study. ...
Read more