Happy holidays … here are the keys to your new house. A recent housing industry report showed that home buyers in Washington who buy a house over the holidays could save money while enjoying less competition from other buyers.
Related: 5 First-time buyer tips
Buying a Home Over the Holidays: A Money-Saver?
Less competition and more motivated sellers. Those are just two of the potential perks of buying a home in Washington State over the holidays. And a recent report added a third item to the list. Buyers could also get a better deal on their purchase.
In November, ATTOM Data Solutions published the results of a study into the best days of the year to buy a home. Their report showed that, on average, there are only 10 days out of the year that offer discounts below estimated market value. Seven of those days were in December, and one each during the months of October, November, and February.
The best day of all, for potential discounts? December 26th.
According to Daren Blomquist, a senior vice president with ATTOM Data Solutions:
“Buyers and investors willing to start their home search right about when stores are setting up Christmas decorations will face less competition and likely be dealing with more motivated sellers, giving them the upper hand in price negotiations.”
Of course, much of this has to do with the kind of real estate market you’re in. In a more competitive housing market (think Seattle), sellers are generally less likely to come down from their initial asking prices.
But even in the Seattle area, we are starting to see a shift in market conditions. There’s more inventory on the market today than last year, which tilts the scales away from the strong seller’s market conditions of the past.
Less Competition, Even in Hot Housing Markets
Those who make an offer on a home in Washington over the holidays could save money — even in the competitive Seattle real estate market. According to the ATTOM report mentioned above, buying a home on December 26 could save a person as much as $2,500 on the sales price.
But that’s not the only advantage. Having less competition from other buyers is also a good reason to house-hunt through the holidays. And depending on where you live, this could be a huge benefit.
While the number of homes for sale has risen in recent months, the housing supply is still falling short of demand in Washington. This means buyers are competing with each other for limited inventory. During the holidays, however, real estate activity tends to wane. Many buyers shelve their plans until after January 1. So there is often reduced competition — and less stress — for those who attempt to buy over the holidays.
“Right around Thanksgiving, in particular, is a great time to [make an offer] given that Dec. 26, 29 and 21 are all in the top 10 of best times to buy,” Blomquist added.
To conduct their analysis, the company examined more than 18 million single-family home and condo sales during the five-year period of 2013 to 2017. They then used sales data and automated valuation models to calculate the premium or discount paid on a given day.
Have Mortgage Questions or Need a Loan?
Do you need mortgage financing to complete a home purchase in Washington State? We can help. Our company is locally owned and serves the entire state, along with the broader Pacific Northwest including WA, OR, CO, and ID. We are proud to offer a wide variety of mortgage programs and products with flexible qualification criteria. Please contact us with your mortgage-related questions.