This Day in January May Be the Best Time to Buy at the Lowest Premium
December 29, 2023 Evelyn Yang recommends
Considering buying a home? One study shows that this day in January may be the best day to buy a home and could save buyers some extra expense.
ATTOM, a leading manager of land, property, and real-estate data, analyzed sales of more than 47 million single-family homes and condominiums over the past 10 years.
According to ATTOM, buying a home on certain days of the year may bring you a better deal.
ATTOM found in this study that buyers faced consistently lower premiums on certain days, especially December 4, with a 4.4% premium over market value; October 9, with a 4.4% premium; October 2, with a 4.5% premium; October 10, with a 4.5% premium; and September 7, with a 4.6% premium.
However, the analysis found that, compared with any other day of the year, buyers who closed on January 9 consistently paid the lowest premium over the automated valuation model (AVM).
ATTOM said that homebuyers who closed on this day avoided prices far above market value and needed to pay only a 3.8% premium.
Although January 9 is the best time to buy a home, ATTOM found that nationwide, buyers generally faced lower additional costs throughout October, with a 6.2% premium.
The analysis found that buyers who closed in September, with a 6.8% premium; November, with a 6.8% premium; December, with a 6.9% premium; and August, with a 7.6% premium, typically saw lower premiums.
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