Patch of Land Blog The 10 Best Days to Buy a Home

We have all heard the saying that smart real estate purchases are based on location, location, location. But that suggests you focus only on where to buy a home. What about when? Data indicates that there are definitely months of the year-and even specific days-when you are statistically more likely to acquire a property at a discounted price. On some days, in fact, that price can be many thousands of dollars below a property's estimated market value.The question, of course, is which days? What are the best days to buy a home, and why? Let's dig into the data and get those answers.The Best Days to Buy a Home During the Last 5 YearsWhen research firm ATTOM Data Solutions analyzed more than 18 million sales of both condos and single-family residences over the previous five years (2013-2017), they found that during this time period there were only 10 days of the year during which buyers could find average home prices below estimated market value.The Good News for House Flippers and InvestorsBefore we review these specific days of the year, we should point out that if you are planning to purchase a property as a fix-and-flip investment the good news for you is that seven of the 10 best days to buy a home are in December, which means you're in a strong position right now to begin your search.Let's review the dates, going from those with the lowest average discount to the highest.Number 10: December 8thHomes on this date over the previous five-year period sold for an average $149 below estimated value (a 0.1% discount).Number 9: February 9thHomes on this date over the previous five-year period sold for an average $500 below estimated value (a 0.3% discount).Number 8: November 9thHomes on this date over the previous five-year period sold for an average $666 below estimated value (a 0.3% discount).Number 7: October 12thHomes on this date over the previous five-year period sold for an average $1,000 below estimated value (a 0.5% discount).Number 6: December 1stHomes on this date over the previous five-year period sold for an average $1,000 below estimated value (a 0.5% discount).Number 5: December 21stHomes on this date over the previous five-year period sold for an average $1,223 below estimated value (a 0.6% discount).Number 4: December 29thHomes on this date over the previous five-year period sold for an average $1,320 below estimated value (a 0.7% discount).Number 3: December 4thHomes on this date over the previous five-year period sold for an average $1,823 below estimated value (a 1.0% discount).Number 2: December 7thHomes on this date over the previous five-year period sold for an average $2,000 below estimated value (a 1.0% discount).Number 1: The Best Day to Buy a Home: December 26thHomes on this date over the previous five-year period sold for an average $2,500 below estimated value (a 1.3% discount).More Research: Why December Is the Best Month to Buy a HomeThe analysis from ATTOM Data Solutions reaches a similar conclusion to additional research on when to buy a home recently reported in The Balance. Here are a few interesting insights from that article:Home prices typically drop to a 12-month low in December.Few buyers are actively searching for properties during the holiday season (and that number drops even more sharply during Christmas week), which means there will be less competition for any particular property during this period.If a seller has a home on the market during the holiday season, they are clearly serious about selling, which gives a buyer strong leverage and negotiating power.All of which helps explain why, as the ATTOM Data research shows, December is the best month to buy a home, and December 26th in particular is the best day to close on a property.Be Ready to Close Quickly on One of These Best Days to Buy a HomeOne final piece of advice: If you do find a great home and are able to negotiate a great price-particularly if you are looking to fix and flip the property-you will need to be able to quickly secure a loan to buy it. This is where a private lender like Patch of Land can be an invaluable partner.With our streamlined lending process for house flippers, which is far quicker and less paperwork-intensive than traditional financing, Patch of Land can fund your loan in as little as seven days.