If you’re looking to get the best possible price on your new home, you may want to wait and close the deal in the week between Christmas and New Year, according to a new analysis by ATTOM Data Solutions.
The analysis found that buyers who close their transactions on the day after Christmas, December 26, will most likely realize the biggest discounts below full market value, versus other days of the year. ATTOM’s study looked at more than 23 million sales of single-family homes and condos over the past six years.
“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.”
ATTOM’s researchers said December 26, December 31 and December 4 were the best days to get a discount on your home’s purchase price, though the exact date differs depending on where in the U.S. you live.
The states that tend to see the biggest overall discounts below full market value in these corresponding months 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).
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