Everyone knows about Black Friday, but not everyone knows about December 26th. If you are like us and do not want to battle the crowds and craziness that comes with Black Friday, then December 26th is the day for you. According to researchers, home buyers who are looking for a great deal should wait until the day after Christmas.
Buyers who close on December 26th are more likely to spend about $2,500 less than if they were to close on any other day of the year. The firm ATTOM Data Solutions looked at the median sales price on that day and compared it to the estimated market value compared with the rest of the year. These findings included only days that there were at least 10,000 single-family home and condo sales nationally, although, there were only four days that did not meet these criteria: January 1st, July 4th, November 11th, and December 25th. As you can tell from these findings, major holidays are not usually a time when people decide to close on a home.
Considering there is less competition for home buyers around the holidays, the day after Christmas is the prime time to close on that house you have been checking out. According to Senior Vice President of ATTOM Daren Blomquist, buyers and investors who are willing to start their home search right when businesses begin putting their Christmas decorations up are likely to be dealing with less competition and more motivated sellers, which means you will have the upper hand in price negotiations.
It is essential, though, that you time your offer wisely so that you can save the most money. Submitting your offer about a month before you plan to close it the best time to save the most money. With that in mind, submitting your bid right around now would mean closing the deal right around, or hopefully the day after, Christmas. November is a great month to be out looking at homes and finding one for which to submit an offer. While everyone else was out shopping for Christmas gifts and fighting with people over a sweater, you could have been searching for the best deal on a home. Although Black Friday has passed, it is not too late to find that home you want to close on. The first week of December can be a great time to find and place a bid on your house of choice.
SETCO will be open on December 26th and is more than ready to help you close on the best closing day of the year.
Just think of it as our version of Black Friday! Contact us today to get a head start!