November 22nd, 2018 1:23 PM by Jackie A. Graves, President
shoppers are obsessing over finding the ultimate gift deals, tenacious house
hunters who buy a home in December compared with other times of the year will
save the most money, according to a new study.
Thanksgiving, in particular, is a great time to [put in an offer] given that
Dec. 26, 29 and 21 are all in the top 10 of best times to buy,” says Daren
Blomquist, senior vice president of communications with ATTOM. He notes that it
can take about 30 days from the time an offer is submitted to close a home
sale. “It’s the housing market’s version of a Black Friday sale.”
best days of the year to buy a home
MEDIAN SALES PRICE
Source: ATTOM Data Solutions
saying all real estate is local still applies when timing your home purchase.
Buyers in warmer climates may not see as much of a price break during the
holidays as those farther north where weather is more of a factor in keeping
buyers on the sidelines, Blomquist yes.
a lower price isn’t the only good reason to buy a home during the holidays,
real estate experts say. December is a month before the Federal Reserve’s
interest rate hikes resume, says Leonard Steinberg, a real estate broker with
Compass Real Estate in New York City. Mortgage rate spikes can add to your
borrowing costs and put some homes out of reach.
everyone else is out celebrating and shopping — reducing buyer volume — those
who shop [for a home] will be met by sellers willing to make a deal,” he says.
Hale, chief economist with Realtor.com, says that sellers may be more flexible
about negotiating the closing date and paying for a home warranty to give
buyers more piece of mind. You might also have more luck submitting a smaller earnest
money deposit — something that’s less likely to fly when sellers are fielding
multiple offers during busier times of year, Hale says.
you find a house that meets your must-haves — especially when inventory in many
markets is so limited — don’t let the holidays deter you from making an offer.
rate hikes and home-price increases on the horizon, there’s a lot to be gained
by locking in your monthly payment now versus waiting until later.”
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