If you are currently in the market to buy a home, statistics show Wednesday, Dec. 4, may just be the best day of the year to seal the deal, according to an analysis by real estate analytics company Attom.
After analyzing more than 52 million single family home and condominium sales, over the past 11 years, Attom found that buyers who close on Dec. 4 pay a 4.8% premium above the automated valuation model (AVM), which gauges the average value of homes on any given day. That is the lowest average premium for a home of any single day all year.
As fall turns to winter, data shows that home prices tend to fall. Attom found that November consistently offers the best opportunities for savings, as home premiums and competition reach their lowest points of the year. Homebuyers on average pay a premium of 7.3% above market value during the month. Despite stubbornly high mortgage rates, Attom writes that home price drops this time of year can help offset the high cost of buying.
Other days when homebuyers can get the best deals include Oct. 2, in which home prices average a 5% premium above market value; Dec. 24 and Jan. 16, which both average a 5.1% premium; Nov. 13 (a 5.3% premium); and Oct. 9 (a 5.5% premium).
Other than November, Attom reports that the best months for buying a home are October, when buyers pay an average premium of 7.4% above market value. December is next, with a 7.6% premium, followed by August and September (both 8% premiums).
The states with the largest home discounts to full market value are Michigan, with an average of -3.2% in December; Connecticut (-1.2% in January); and Hawaii (-1.1% in June).
