ATTOM’s newly released 2021 analysis of the best time of the year to buy a home reveals that homebuyers are fetching lower premiums during the month of October, as well as the winter months, compared to the spring buying season.
The study of more than 33 million single family home and condo sales over the past eight years found that while the premium is still above market value, homebuyers that close in October are only dealing with a 2.9% premium, compared to the month of May, when homebuyers are experiencing an 11.5% premium.
See related infographic: “October is Ripe for Buyers”
ATTOM’s latest report also looked at the best days to buy a home at the national level. According to the report, nationally, days that fall in December offer lower premiums for homebuyers, as well as January and November:
- December 5th – 1.6% premium
- December 26th – 2% premium
- January 6th – 2.2% premium
- November 9th – 2.3% premium
- December 31st – 2.4% premium
The report notes those lower premiums during the winter months are a far cry from the month of May:
- May 23rd – 17.4% premium
- May 27th – 17.4% premium
- May 20th – 16.6% premium
- May 16th – 15.6% premium
- May 19th – 15.4% premium
Also, according to ATTOM’s 2021 analysis of the best time of the year to buy a home, states realizing the biggest discounts below full market value include Delaware (-7.9% in February); Tennessee (-7% in January); New Jersey (-4.9% in February); Maryland (-4.8% in November); and Ohio (-4.8% in January).
In this post, we dive deeper into the data behind the 2021 analysis to uncover the complete list of the top 10 states seeing the biggest discounts below full market value. Rounding out the top 10, include Michigan (-4.1% in November); Hawaii (-4.0% in June); Connecticut (-3.5% in December); Illinois (-3.1% in February); and New Hampshire (-3.1% in January).
For the ATTOM 2021 analysis of the best time of the year to buy a home, we looked at any calendar day in the last eight years (2013 to 2020) with at least 10,000 single family home and condo sales. Matching this measure were 362 days (including leap year data), with four exceptions – Jan. 1, July 4, Nov. 11 and Dec. 25. Then, to calculate the premium or discount paid on a given day, ATTOM compared the median sales price for homes with a purchase closing on that day with the median automated valuation model (AVM) for those same homes at the time of sale.
Want to find out when the best time to buy a home in your area is? Contact us to find out how!
