Christmas Time. The Best Time To Buy A House.
It’s that time of year again. Christmas time. Despite popular belief, this holiday season is the best home buying season.
An analysis from ATTOM Data Solutions compiled from 23 million single family homes and condo sales over the past six years shows December as the best month to buy. During this month, buyers will stay pay about 1.2% premium above estimated market value.
This average is much more appealing than every other month, where premiums can be seen as high as 7.1% in June.
The data shows that only three days during the year, homes are sold at a discounted value. All of which fall in December.
The day after Christmas can be seen with an average discount of .3% over the expected asking price. Followed by December 4 and 31, both with discounts averaging of .1%.
“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,” said Todd Teta the chief product officer of ATTOM Data Solutions, “That’s a far cry from buying during June, when they are likely paying about a 7% premium.”
Despite these drastic jumps in premiums, housing prices remain between 197,500 – 198,000.
Further, the data can be broken down by averages among different states. Discounts in Ohio were 7.4% under market value in January; Delaware, with prices down 6.3% in February; Michigan, with prices down 7.2% in February; New Jersey, with prices down 5.8% in December; and Tennessee with prices down 6.2% in January.
“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,” Teta stated.
Clearly, Black Friday is not the best time to expect discounts when searching for your next home.