October and the winter months that follow may be the best time to get a good deal on a new home, according to an analysis by ATTOM. The analysis also shows the days of the year when buyers can expect the lowest premiums.
October and the winter months that follow mark the time of year when homes fetch lower premiums than other months of the year, the company said.
While the premium is still above market value, homebuyers are only dealing with a 2.9% premium, as opposed to the month of May, when homebuyers are experiencing an 11.5% premium.
The company performed its analysis on more than 33 million single family home and condo sales over the past eight years and found evidence of the continuation of a hot sellers’ market. The analysis also looked at the best days to buy at the national level and best months to buy at the state level.
Nationally, days that fall in December offer the lowest premium for homebuyers:
- Dec. 5 — 1.6% premium
- Dec. 26 — 2% premium
- Jan. 6 — 2.2% premium
- Nov. 9 — 2.3% premium
- Dec. 31 — 2.4% premium
In comparison, premiums in May are significantly higher:
- May 23 and May 27 — 17.4% premium
- May 20 — 16.6% premium
- May 16 — 15.6% premium
- May 19 — 15.4% premium
According to the study, the states realizing the biggest discounts below full market value were
- Delaware (-7.9% in February)
- Tennessee (-7% in January)
- New Jersey (-4.9% in February)
- Maryland (-4.8% in November)
- Ohio (-4.8% in January)