The day after Thanksgiving became one of the busiest shopping days of the year because retailers began offering bargains. It turns out that something similar happens in the housing market—but on the day after Christmas instead. December 26 is officially the best day to buy a house!
December Is a Buyer’s Month
Winter is the time of year with the lowest inventory and fewest buyers. Many people don’t want to compete with the holidays or choose to stay in their current homes through the end of the calendar year. But buyers can find major bargains by shopping on Boxing Day.
Buyers who close on December 26 enjoy the most savings, while other dates in December (the 4th, 7th, 21st, and 29th, to be specific) weren’t too far behind. Sellers who list their homes between Halloween and Christmas typically see lower offers, so your clients should be aware of the way the seasons affect the market.
Backed Up By Statistics
ATTOM Data Solutions, a real estate information firm, recently issued a report on the best day of the year to buy a home. They looked at the median sales price for a given day and compared it to the market value during the rest of the year. They discovered that that buyers save about 1.3% by closing on December 26. That’s an average savings of around $2500. That’ll pay for some brand new furniture to decorate their new home!
The firm only included days when at least 10,000 home sales occurred—and interestingly, there were four days of the year that didn’t make the cut. Can you guess what they are? New Year’s Day, Christmas Day, Fourth of July, and Veterans Day are the days when the housing market comes to a standstill.
How Buyers Can Get the Best Deal
Note that buyers need to close on December 26—not make an offer. If buyers are serious about finding the best bargain, they should start shopping for a new home right around the time everyone else starts shopping for presents. If they can make an offer before Thanksgiving, they’ll be poised to net the biggest savings of the year.
Because fewer people are searching for a home during the holiday season, buyers have a little more power than usual when it comes to negotiating. There’s less competition, and even though the inventory is often low during this time of year, there are still desirable properties on the market.
Although spring and summer are traditionally the best times to sell a home, buyers should bundle up and go house hunting during the winter. Even closing in January or February can still save a little money.
