To Save Money, This Is the Best Day to Buy a Home
Looking for a deal? Here's the best time to close on your new home.
It's cold. It's the busy holiday season. You may even have to lace up your snow boots. We know, we know, the heart of winter in January and February probably isn't your dream time to hit the streets house hunting — but it may save you a pretty penny.
As Realtor.com reported, home buyers looking for a serious bargain may want to consider sealing the deal in the winter months. Based on analyses from ATTOM Data Solutions, February 7th is the best day to close on a home for your wallet, as the median sale price for homes dips to its lowest point in the entire year, at $160,000. To determine this sweet spot, the firm looked at data of 14.7 million sales of previously occupied single-family homes and condos from 2011 to 2017. February 4th had the second lowest median sale price of $161,322, with January 3rd trailing closely behind at $162,000.
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"The fall and winter months and days are the best times for buyers to buy," Daren Blomquist, a senior vice president at ATTOM explained. "Fewer buyers are looking for homes because school has started, the holidays are coming up, and the weather is cold and possibly snowy and rainy, which makes it less appealing to go out there and look for homes."
Considering buying a home? Time to brush up on Home Buying 101 and start plotting. Happy house hunting, ladies and gents.