Buyers willing to close in December and January can avoid prices well above market value and get more bang for their buck, according to a new report from ATTOM Data Solutions.
ATTOM’s analysis of more than 27 million single-family home and condo sales over the past seven years revealed that the best days of the year to purchase a home are on December 04 and January 26.
Homebuyers can get the best deals on these days, however, there is still about a 1.5% premium – which is way below the 6.9% premiums during the summer months.
At the state level, the states realizing the largest discounts below full market value 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).
However, home prices continue to skyrocket nationwide – driven by a combination of robust demand and low supply . The median price for a single-family home in the US was $313,500 in the third quarter, 12% higher than the previous quarter, according to the National Association of Realtors.