When is the best time to purchase a home? When you need one of course! Because real estate is all about You! Nevertheless, there are times of the year that are better than others to negotiate a deal as indicated through the analysis of 33 million purchase records by ATTOM Data Solutions.
Generally speaking, seasonality, rhythm of school schedules, hiring schedules, and year end cycles, play a role in housing supply and demand. Ultimately, negotiated prices also rise and fall with these relative to market value. So, what are the best months to purchase or close on a home? - October, December, November and January. Further, according to the study, Michigan saw one of the nation's largest discounts below full market value in November (-4.1% lower)
What’s the best day to purchase a home? To calculate the premium or discount paid on a given day, ATTOM compared the median sales price for homes with a purchase closing on that day with the median automated valuation model for those same homes at the time of sale. Nationally, home buyers can find the best deals on these days:
Dec. 5 (1.6 percent)
Dec. 26 (2 percent)
Jan. 6 (2.2 percent)
Nov. 9 (2.3 percent)
Dec. 31 (2.4 percent)
What about Sellers? What should they do now?
If the time is right for you, Sell Now! Because real estate is all about you!
Demand continues to be high and prices remain strong having risen 20.3% in Michigan in the last 9 months. Sellers will have no worries selling their property for some time. Going forward there are some headwinds on the horizon including rising interest rates, foreclosures and rising inventory, which may take some heat off the market, however, demographic trends - specifically the millennial generation, will keep demand stoked, prices relatively stable and slightly rising.
No matter if you are buying or selling we can help! We believe that Real Estate is all about You! Your lifestyle, Your family, Your investment, Your goals! We help you get it right, when the time is right for you!