While holiday shoppers are obsessing over finding the ultimate gift deals, tenacious house hunters who buy a home in December compared with other times of the year will save the most money, according to a new study. In fact, buying a home on Dec. 26 can save you as much as $2,500 on the sales price, according to an analysis from ATTOM Data Solutions. Nationwide, December held seven of the top 10 days where buyers snagged the best price discounts on a home purchase, making it the best month to buy a home, ATTOM revealed.
The saying all real estate is local still applies when timing your home purchase. Buyers in warmer climates may not see as much of a price break during the holidays as those farther north where weather is more of a factor in keeping buyers on the sidelines.
Negotiating a lower price isn’t the only good reason to buy a home during the holidays, real estate experts say. Mortgage rate spikes can add to your borrowing costs and put some homes out of reach.
Danielle Hale, chief economist with Realtor.com, says that sellers may be more flexible about negotiating the closing date and paying for a home warranty to give buyers more piece of mind.
If you find a house that meets your must-haves — especially when inventory in many markets is so limited — don’t let the holidays deter you from making an offer.
Provided by Deborah Kearnes with www.bankrate.com