Analysis shows December offers biggest home purchase savings of the year

November 21, 2018 - 2 min read

The best days to save on a home purchase

Really looking to save cash on your home purchase? Then close on your loan in December. According to new data, that’s when buyers see the biggest discounts off market value.

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Merry Christmas, home buyers

According to a recent analysis of more than 18 million single-family home and condo purchases over the last five years, there are 10 days a year when buyers can count on big savings.

“In the hot sellers’ market of the past five years, only 10 days of the year offer discounts below estimated market value — seven in December, and one each in October, November and February,” ATTOM Data Solutions reported on Tuesday.

Don’t rule out home buying this holiday season

The single best day to save on a home? That’d be December 26 — the day after Christmas.

“Buyers willing to closing on a home purchase the day after Christmas realize the biggest discounts below full market of any in the year,” ATTOM reported.

Buyers who close on their loan December 26 save 1.3 percent on average — or $2,500.

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Other big savings days

December 7 comes in at No. 2 for savings. Buyers purchasing their homes on this day save around 1 percent, or $2,000, on average.

The other eight days that offer under-market savings include December 4 ($1,823), December 29 ($1,320), December 21 ($1,223), December 1 ($1,000), October 12 ($1,000), November 9 ($666), February 9 ($500) and December 8 ($149.)

On average — and due to the current sellers’ market — buyers typically pay $7,000 overestimated market value on their home purchase most days of the year. The exceptions are these 10 days, as well as January 1, July 4, November 11 and December 25, which ATTOM says there was not enough data to accurately measure.

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Do you want to take advantage of those December savings on your upcoming home purchase? Then shop around and see what mortgage rates you qualify for today. Rate shopping is especially effective in these U.S. cities.

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Aly J. Yale
Authored By: Aly J. Yale
The Mortgage Reports contributor
Aly J. Yale is a mortgage and real estate writer based in Houston who has contributed to Forbes and worked for organizations such as The Dallas Morning News, PBS, NBC, and Radio Disney.