With Thanksgiving barely behind us, Chicagoans are braving an unusually cold December and are preparing for the most wonderful time of the year. Few might be thinking about real estate but now is the time to analyze the state of the local and national housing market.
According to some real estate professionals, the Chicago housing market practically shuts down between Thanksgiving and Super Bowl Sunday. In addition to the busy lives we all have during this time, Chicago weather plays a significant role in the inactivity of the market.
Sellers want to list their home for sale during the busy spring-market and take advantage of the magical time when buyers are out in large numbers and engage in bidding wars. Families with school-aged children are eager to buy and close on a new home before August to have their kids enrolled in school. If you have considered buying a home for a while, waiting for the time when everyone else is looking, may not be the best strategy.
So when is the best time to buy a home and get the best deal on price?
According to a new study by ATTOM Data Solutions, "Top 10 best days of the year to buy a home", the seven best days are December, and one each in October, November and February. According to the study, buyers who are willing to close the day after Christmas realize the biggest discounts below market price of any day of the year. The analysis was based on more than 18 million home sales in the past five years and found that closings in ten select days between Thanksgiving and Super Bowl Sunday resulted in the biggest discounts achieved.
According to Daren Blomquist, senior vice president of ATTOM Data Solutions, "people closing on a home purchase on December 26, were submitting offers around Thanksgiving and started their home search around Halloween - likely not a common path to home purchase for most buyers, and exactly why it's the best time to buy."
The ten select dates between Thanksgiving and Super Bowl Sunday realized the biggest discounts on market prices. By contrast, the worst month to buy a home appears to be June, when properties tend to sell at the highest prices.
Besides the obvious financial advantages of pursuing a home purchase during the holiday season, buyers have more time to consider options and compare properties without being pressured by competing offers. As much fewer buyers are actively looking, motivated sellers are more likely to consider offers and are more flexible to accommodate buyers' contract terms.
If you'd like to find out more about advantages of buying a new home for the holidays, let's discuss!
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