ATTOM Data Solutions, Irvine, today released an analysis of the best days of the year to buy a home, which shows that only 10 days of the year offer discounts below estimated market value — seven in December, and one each in October, November and February.
According to the analysis, buyers willing to close on a home purchase the day after Christmas realize the biggest discounts below full market of any day in the year. This analysis of more than 18 million single family home and condo sales over the past five years is evidence of the hot sellers’ market of the past five years.
“People closing on a home purchase December 26 were submitting offers around Thanksgiving and starting their home search around Halloween — likely not a common path to home purchase for most buyers and exactly why it’s the best time to buy,” said Daren Blomquist, senior vice president with ATTOM Data Solutions. “Buyers and investors willing to start their home search right about when stores are setting up Christmas decorations will face less competition and likely be dealing with more motivated sellers, giving them the upper hand in price negotiations.”
| 2013 to 2017 Sales of Single Family Homes and Condos | ||||||
| Month | Day | Number of Sales | Median Sales Price | Median AVM | Premium/Discount | |
| December | 26 | 22,400 | $ 185,500 | $ 188,000 | -1.3% | $ 2,500 |
| December | 7 | 39,217 | $ 203,000 | $ 205,000 | -1.0% | $ 2,000 |
| December | 4 | 54,579 | $ 190,000 | $ 191,823 | -1.0% | $ 1,823 |
| December | 29 | 64,430 | $ 200,338 | $ 201,658 | -0.7% | $ 1,320 |
| December | 21 | 44,776 | $ 201,777 | $ 203,000 | -0.6% | $ 1,223 |
| December | 1 | 63,653 | $ 200,000 | $ 201,000 | -0.5% | $ 1,000 |
| October | 12 | 32,243 | $ 205,000 | $ 206,000 | -0.5% | $ 1,000 |
| November | 9 | 41,207 | $ 205,335 | $ 206,000 | -0.3% | $ 666 |
| February | 9 | 26,973 | $ 174,500 | $ 175,000 | -0.3% | $ 500 |
| December | 8 | 52,628 | $ 202,996 | $ 203,145 | -0.1% | $ 149 |
The analysis also looked at best months to buy at the national level (December) and at the state and metro level.
The states realizing the biggest discounts below full market value were 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).
The metro areas realizing the biggest discounts below full market value were Dayton (-13.1% in January); Detroit (-12.8% in February); Cleveland (-12.0% in January); Honolulu (-10.3% in June); and Milwaukee (-9.3% in December).
