Buyers purchasing after Christmas could save BIG!
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Categories: Planning Real Estate
Published 12/06/2019
According to an analysis completed by ATTOM Data Solutions, buyers willing to close on a home purchase after Christmas should be aware of substantial discounts on single-family homes and condos. These properties fall below full market value in December and have for the past six years.
“Closing on a home purchase the day after Christmas or on New Year’s Eve can be one of the most financially beneficial holiday-season gifts you can get. While lots of folks are shopping the day-after Christmas sales or getting ready to ring in the New Year, our data shows that buyers and investors are buying homes on those days at a discount. That’s a far cry from buying during June when they are likely paying about a 7 percent premium.” said Todd Teta, chief product officer with ATTOM Data Solutions.
For this analysis, ATTOM Data Solutions took a gander at any scheduled day over the most recent six years (2013 to 2018) with at any rate 10,000 single-family home and condo sales. 362 days coordinated this measure, with the four special cases being Jan. 1, July 4, Nov. 11 and Dec. 25. To determine the premium or rebate paid on a given day, ATTOM thought about the median cost for homes with a finalized sale on those days with the median automated valuation model (AVM) for those homes at the time of purchase.
Nationally, while December is viewed as the greatest month to purchase a new home, there is still about a 1.2% premium. Nonetheless, you can anticipate paying higher premiums if you plan on buying in the summer, with the long stretch of June having the most elevated premium at 7.1%.
The states understanding the greatest limits beneath 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).
To learn more about how this works or to discuss purchasing a new home, please call Darryl Glass at 510.500.7531 or email dglass@advetpropertiesinc.com.