Canadian real estate investors and snowbirds hoping to get the best deal on a home in the United States should buy in the winter.
ATTOM Data Solutions says that there are only three days of the year that offer discounts below estimated market value ? all of them are in December.
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Its analysis of more than 23 million US single-family and condo sales over the past 6 years reveals that buyers willing to close on a home purchase the day after Christmas realize the biggest discounts below full market value of any day in the year.
“Closing on a home purchase the day after Christmas or on New Year’s Eve can be one of the most financially beneficial holiday-season gifts you can get,” said Todd Teta, chief product officer with ATTOM Data Solutions. “While lots of folks are shopping the day-after Christmas sales or getting ready to ring in the New Year, our data shows that buyers and investors are buying homes on those days at a discount. That’s a far cry from buying during June, when they are likely paying about a 7% premium.”
The states realizing the biggest discounts below full market value were Ohio (-7.4% in January); Michigan (-7.2% in February); Delaware (-6.3% in February); Tennessee (-6.2% in January); and New Jersey (-5.8% in December).
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