In this special #FiguresFriday post on the eve of Thanksgiving, ATTOM Data Solutions ranks the top 10 U.S. states where homebuyers are most likely thankful they bought during the winter months.
According to ATTOM Data Solutions’ annual analysis of the best time to buy a home issued this week, winter is the best time to buy given the discounts homebuyers are realizing below estimated market value during the winter months.
ATTOM’s new report notes the analysis of more than 23 million single family home and condo sales over the past six years is evidence of the continuation of a hot sellers’ market. The study highlights the three days of the year that offer the most significant discounts below estimated market value — all falling in the month of December.
The data shows that buyers willing to close on a home purchase the day after Christmas realize the biggest discounts below full market value of any day in the year.
The analysis touches on the best months to buy a home at the national and state level. Nationally, while December is considered the best month to buy overall, there is still about a 1.2% premium. However, you can expect to pay higher premiums if you plan on purchasing in the summer, with the month of June having the highest premium at 7.1%.
The states realizing the biggest discounts below 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).
Here is a look at the rest of the top 10 states where homebuyers are seeing the biggest discounts: Maryland (-5.6% in December); Illinois (-5.3% in December); Hawaii (-5.2% in June); Pennsylvania (-4.5% in December); and Nebraska (-4.1% in November).
On the other hand, according to the data, homebuyers in these states may not be as thankful for buying during the winter months, given the higher premiums homebuyers are seeing there: New Mexico (9.8% in December); Kansas (9.3% in October); Texas (6.7% in December); Missouri (6.4% in October); Vermont (5.6% in December); Iowa (3.1% in October); Alabama (1.1% in December); and Virginia (1.0% in December).
Want to find out when the best time to buy a home in your area is? Contact us to find out how!