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Dig Out the Mittens - December Offers the Best Home Buying Bargains
Monday, November 30, 2020
While this COVID-19 positive year has certainly been
an exception, spring is usually considered the optimum time, on both sides of
the transaction, to buy or sell a home. A new study, by ATTOM Data Solutions,
indicates that one side of the equation could be losing money. Indeed, the
company says, "Buyers
willing to close in December and January avoid prices well above market value." The company looked at any calendar
day over the period of 2013 to 2019 where there were 10,000 single-family or
condo transactions and found 362 days that matched that criteria with the
exceptions being all holidays - January 1, July 4, November 11, and December
25. They then compared the median sales prices of homes that closed on that day
with the automated valuation model (AVM) for those same homes at the time of
sale. There were more than 27 million single-family home and condo sales
included in the seven-year analysis.
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