Housing News

Bargain Hunting for a Home? Here’s the Best Day to Buy

From Black Friday to Cyber Monday, the holiday shopping season is nigh upon us. And while there may be good deals on that blender or noise-cancelling headphones you’ve been eyeing, did you know that you might be able to get a great deal on a home right now too?

In fact, the best day to buy a home is coming up: December 4.

Historically, homebuyers who purchase a home on the fourth day of December get the best deal compared to those who buy on any other day, according to a report from real estate data provider ATTOM.

To determine the best time to buy, ATTOM compared home and condo sales completed on each calendar day over the last 11 years, a total of 52 million home sales.

The report found that those who bought on December 4 paid just a 4.8% premium over the estimated value of the home. That’s less than any other day.

“While mortgage rates are still high, taking advantage of seasonal price drops can help offset these costs,” ATTOM said in its report. “If you’ve been holding off on buying, now may be the chance you’ve been waiting for to secure your dream home.”

If you need a little more time to purchase a home, you still have a chance to make a great deal.

The other best days to buy are October 2 (5% above estimated value), December 24 (5.1% above estimated value), January 16 (5.1% above estimated value), November 13 (5.3% above estimated value), and October 9 (5.5% above estimated value).

All those dates saw buyers pay considerably less than the date where buyers paid the most above market value. That day was May 27, when buyers generally paid 14.6% more than the estimated value for their home.

Overall, the best months to buy are November, October, December, August, and September.

The median home price for those who bought in November was $241,500 compared to a median estimated value of $225,000, which is an average of 7.3% above market value.

Those who bought in October paid a 7.4% market premium, compared to 7.6% in December, 8% in August, and 8% in September.

And if you’re really looking for the biggest bargains of all, there are some states where buying during certain months can help you buy below market value.

According to the report, those who bought a home in Michigan in December paid 3.2% less than the market value. Homebuyers in Connecticut in January got a 1.2% discount, while Hawaii homebuyers secured a 1.1% discount in June.

Additionally, those who bought in December in Illinois or Minnesota paid 0.9% under the estimated value.