Best Times to Purchase a Home Revealed
ATTOM has conducted a thorough analysis over the previous decade, focusing on home purchasing patterns and determining when buyers can secure the best deals. The findings indicate that certain times of the year, particularly in December and October, present opportunities for buyers to benefit from lower premiums on home prices.
Why October is Ideal for Homebuyers
Oftentimes, October emerges as the most favorable month for home purchases, with a reported premium of only 7.0%. This lower premium encourages buyers to consider making a purchase during this time of year. October's data reveals that although buyers are not escaping premiums entirely, the lower rate presents a compelling incentive for those considering a real estate investment.
Significant Day: December 24
The standout day for home purchasing according to ATTOM's analysis is December 24. On this date, buyers can anticipate only a 3.8% premium over the automated valuation model (AVM), which is remarkably lower than the 14.0% premium typically observed on more popular buying days like May 27. With such attractive savings available, homebuyers should recount December 24 as a golden opportunity for property acquisition.
Other Days with Lower Premiums
While December 24 holds the top position, several other dates throughout the year also present lower premiums. For instance, November 6 offers a 5.0% premium; September 11 similarly presents the same premium rate. Additionally, days like October 9, November 5, and October 2 showcase premiums of 5.2%, 5.3%, and 5.4% respectively. These insights empower buyers with knowledge about the best days to engage in negotiations and transactions.
Monthly Trends: A Broader Perspective
Beyond specific days, ATTOM has also analyzed the optimum months for home buying. National trends indicate October, November, September, August, and July as the best months to purchase, based on their respective premiums. October leads with a 7.0% premium, followed closely by November at 7.2% and September at 7.5%. This information allows prospective homeowners to align their buying strategies with national trends effectively.
Regional Insights
A detailed look at the state level reveals unique trends where various states experience different premium levels. For instance, homebuyers in Michigan can see discounts as high as 2.4% below full market value when purchasing in December. This state-specific analysis helps buyers understand that timing can vary significantly based on location.
Understanding the Analysis Methodology
The methodology applied by ATTOM in this analysis comprised reviewing calendar days in the last decade where at least 15,000 single-family homes and condos were sold. This extensive dataset ensures the validity of the findings and offers a comprehensive overview of market trends impacting home buyers across the United States.
About ATTOM
As a leader in property data services, ATTOM collaborates across industries to provide high-quality real estate data covering over 158 million properties in the U.S., representing a staggering 99% of the population. From property history to environmental risks and neighborhood analytics, ATTOM delivers essential data that aids in decision-making for buyers, sellers, and real estate professionals alike.
Contact Information
For media inquiries, reach out to Megan Hunt via email at megan.hunt@attomdata.com. If you require data and report licensing, please contact datareports@attomdata.com.
Frequently Asked Questions
What is the best day to buy a home according to ATTOM?
The best day to buy a home is December 24, which shows the lowest premium above market value.
Which month offers the lowest premiums for home purchases?
October is reported to offer the lowest premium of 7.0% for home purchases nationally.
What is a premium in real estate buying?
A premium in real estate refers to the amount by which the purchase price exceeds the market value, as determined by automated valuation models.
How many years of data did ATTOM analyze for this report?
ATTOM analyzed a decade of data, encompassing over 10 years of home transactions.
Does the analysis consider state-level buying patterns?
Yes, the analysis includes state-level insights, showing varying discounts based on the region for prospective buyers.
