Best Days for Buyers to Close on a House

Are you buying a house? Be sure to schedule that closing date for this month or next. 

A recent ATTOM Data Solutions report found that buyers who close on Dec. 4 or Jan. 26 get the “best deal.” These buyers pay exact market value for a property, while many buyers across the U.S. are paying above market value in their areas due to a lack of inventory and an influx of bidding wars. Buyers who close on Dec. 6, Dec. 26, Dec. 27 and Dec. 31 paid just slightly over market value at 0.5%, making these also good days to close. There were no days were buyers paid less than AVM. The website analyzed more than 27 million home and condo sales over the past seven years, comparing the median sales price with the automated valuation model.

Buyers who closed in December paid 1.5% over AVM, while buyers who closed in January paid 2.5% over. Comparatively, buyers who closed in February paid 3.4% over AVM, although Feb. 9 was generally a good day for buyers, as they paid only 0.5% over AVM.

Not surprisingly, the best days for sellers fell in the summer. On June 22, June 21, June 29, June 20 and June 15, sellers saw premiums of more than 10%. Overall, the month of June had the highest premium at 9.6%, followed by May at 8.3%.

_{Original article By: Kelly Leighton on December 2nd, 2020 in Industry News}