When people think about the real estate season, springtime typically comes to mind.
Data from ATTOM Data Solutions, however, tells us a different story.
Seven out of the 10 top days of the year to purchase a home for less occur in the wintry month of December.
Why? Consumers are finding better deals during this stretch of time. As the weather drops, fewer people are entering the market, which means the competition isn’t as strong. And, some people may just be too busy enjoying the holiday season, opening the door for others.
The study is based on an analysis of 18 million single-family home and condo sales over five years. It identified 10 days out of the year when home buyers end up paying below the estimated market value.
For instance, the study found that on Dec. 1, people on average will get a $1,000 discount. On Dec. 4, it’s about $1,800. The biggest day for savings happens on Dec. 26, when consumers save $2,500, according to the data.
As you begin to think about your homebuying strategy this winter, it’s important to also enter the market prepared with a preapproval. This loan status brings to light your true buying power – and tells sellers you’re ready to deal.
A preapproval application will require income verification and credit evaluation. This straight-forward process can save you the heartache and uncertainty that can arise from entering the market without a financing plan. A preapproval tells the seller that you’ve already gone through the mortgage application process with a lender that’s prepared to lend you the funding necessary to make a competitive, ironclad offer.
If you’re thinking about purchasing a home in the Roseville area, the next couple of months provide plenty of opportunities to make a move. With a preapproval and statistics on your side, there may be no better time to realize your goals of homeownership.
Contact us today, and let’s chat about your goals.