Best Time to Buy a Home (Updated for 2023!)
Who doesn’t want to get an edge especially when making a major purchase? Well, it’s time to update one of our most popular blog posts. In 2019 we covered the best days to buy and sell.
This year we’ll cover the best months to buy as well as the best and worst days as well as five states with big discount months!
According to a recent analysis, homebuyers can secure the most advantageous bargains by finalizing their home purchase in October, in contrast to the spring buying season. During the initial month of autumn, buyers should anticipate paying a slightly higher amount, specifically a 3.3% premium.
In contrast, May proves to be the least favorable month for obtaining a favorable deal, as indicated by a report from ATTOM Data Solutions. The report, which examined over 39 million sales of single-family homes and condos throughout the past nine years, reveals that May exhibits a premium of 10.5% above the market value.
The Best Months to Buy a House Ranked
The housing market tends to be livelier during the spring and summer compared to the winter months. Many people prefer to settle into a new home before the fall school year kicks in. Even if they don’t have school-related deadlines, they can still take advantage of the increased number of listings from motivated sellers.
That’s why the colder months can be an ideal time for house-hunting. There’s less competition, and you may come across listings that have been available for a while, which means sellers might be more eager to strike a deal. So, cozy up and explore the possibilities during this inviting season!
Source: ATTOM Data Solutions
The Best Days to Buy a House Ranked
Here is a list of the best days to buy, nationally including the premium paid:
- November 28th with the lowest premium of 1.1%.
- January 9th seeing a 1.3% premium.
- December 5th a 1.5% premium.
- December 26th a 1.5% premium.
- December 19th a 1.9% premium.
- December 12th a 2.0% premium.
- December 24th a 2.0% premium.
The two days with the absolute highest premiums are:
- May 23rd, 20th and 27th offer over a 15% premium.
The Worst Days to Buy a House
According to ATTOM’s analysis, the 20th, 23rd, and 27th of May are identified as the least favorable days for purchasing a home, as they come with premiums exceeding 15%.
During this period, the housing market experiences intense competition, driving up prices and making real estate more expensive. This surge in competition is a result of the bustling spring and summer seasons when school breaks allow families and individuals more time to actively search for homes. Consequently, many buyers converge on the market between May and August, creating a scenario where multiple parties vie for the same houses.
Therefore, if you’re looking for a more affordable deal and want to avoid the heightened competition, it might be worthwhile to consider exploring the housing market during other times of the year. By doing so, you can potentially find opportunities with fewer buyers, lower prices, and a greater likelihood of securing a favorable deal.
Are You Looking to Buy a House?
If you’re thinking of buying a house (or selling your current one to buy something new), ATTOM’s data shows we’re nearing the best times of the year to do it. To give yourself the best chances, consider getting Approved to Move™ for your mortgage loan first. This can help point you to the appropriate price range, as well as give you a leg up on the competition.
Want to learn about your mortgage options? Get in touch with an Embrace Home Loans expert today. We’ll guide the way.
