Discover the Optimal Days to Purchase a Home
In the ever-changing real estate market, knowing when to make a home purchase can significantly impact your financial commitment. ATTOM, a prominent provider of property data and analytics, has conducted extensive research to identify the best days of the year for homebuyers, particularly focusing on the lowest premiums above the automated valuation model (AVM).
Highlights from ATTOM's Findings
The recent analysis from ATTOM emphasizes that while November has a 7.3 percent premium, it remains the month offering the lowest premium on average. Among the specific days, December 4 stands out as the optimal day for buyers, featuring the least expensive premium.
Lowest Premiums Observed
Homebuyers opting to close deals on December 4 experience a modest premium of just 4.8 percent above the AVM. In contrast, those purchasing on May 27 face a significantly higher 14.6 percent premium. This stark difference illustrates the potential savings that can be realized by strategically timing your home buying.
Additional Favorable Days for Home Purchases
Several other dates are also attractive for buyers seeking lower premiums. For instance, October 2 boasts a premium of 5.0 percent, followed by December 24 and January 16, both at 5.1 percent. If buyers consider November 13 and October 9, they will see premiums of 5.3 percent and 5.5 percent, respectively.
Monthly Patterns in Home Buying
Beyond specific days, ATTOM's analysis extends to the best months for home purchases across the nation. Generally, November is advantageous with a 7.3 percent premium, trailed closely by October at 7.4 percent and December at 7.6 percent. Notably, buying in August and September results in an 8.0 percent premium.
State-Specific Buying Trends
Diving deeper, ATTOM highlights states where buyers can find the most significant discounts off market value. For example, Michigan shows a remarkable discount of 3.2 percent in December, while Connecticut and Hawaii offer discounts of 1.2 percent and 1.1 percent in January and June, respectively. Illinois and Minnesota also showcase discounts around 0.9 percent in December, making these states particularly appealing in the off-season.
Methodology Overview
To arrive at these conclusions, ATTOM evaluated home sales data over the past 11 years—specifically from 2013 to 2023. They focused on days with a minimum of 15,000 single-family home or condo transactions. This meticulous approach ensured a comprehensive analysis of the real estate landscape.
About ATTOM's Contributions to Real Estate Data
ATTOM is recognized for its robust property data analytics, empowering various sectors from real estate to insurance. Collecting and processing data on taxes, deeds, foreclosures, and more, ATTOM serves over 155 million properties in the U.S., supporting transparency and efficiency in the real estate market. Their analytics fuel innovative solutions, making data-driven decisions easier for all involved.
Frequently Asked Questions
What is the best day to buy a home according to ATTOM?
The best day to purchase a home is December 4 as per ATTOM's analysis, showing the lowest premium.
How much premium can buyers expect in November?
Buyers can expect a 7.3 percent premium on purchases made in November.
Which month has the highest purchasing premium?
August and September both have an 8.0 percent premium, making them less ideal for buyers looking for savings.
Are there states that offer better discounts for buyers?
Yes, states like Michigan, Connecticut, and Hawaii offer discounts below full market value during specific months.
How does ATTOM gather its data?
ATTOM compiles data from 11 years of transactions, ensuring accuracy by focusing on days with substantial sales volume.
