FORGET BLACK FRIDAY DEALS, THE HOLIDAYS ARE A GREAT WAY TO SAVE MONEY ON A NEW HOME
Are you considering buying a home during the holidays? I’m here to tell you that’s an excellent idea!
As I explained in a previous blog, Spring is the best time to sell a home, but according to a new study, December is the best time to buy. That’s because buying a home in December can result in huge savings when compared with other times of the year. The analysis from ATTOM Data Solutions says that buying a home on Dec. 26 can result in as much as $2,500 savings on the sales price.
In fact, as you’ll see in the list below, December holds seven of the top ten days where buyers can reap the best discount on a new home; making it the best month of the year to buy a home.
“Right around Thanksgiving, in particular, is a great time to [put in an offer] given that Dec. 26, 29 and 21 are all in the top 10 of best times to buy,” says Daren Blomquist, senior vice president of communications with ATTOM. “It’s the housing market’s version of a Black Friday sale. While everyone else is out celebrating and shopping — reducing buyer volume — those who shop [for a home] will be met by sellers willing to make a deal,” he says.
Blomquist goes on to remind us that escrow can take about 30 days from the time an offer is submitted to close a home sale. That means you won’t actually be moving during the holidays, but your new house will be ready to move into in the new year.
More than 18 million single-family home and condo sales from 2013 to 2017 were taken into account for the survey. ATTOM calculated the discount for buying a home on a specific day by comparing the median sales price for home purchases closing on a particular day. The company used the median automated valuation model, or AVM, of the same homes at the same time.
Here are the 10 best days of the year to buy a home:
1) December 26
2) December 7
3) December 4
4) December 29
5) December 21
6) December 1
7) October 12
8) November 9
9) February 9
10) December 8
Price breaks are not the only good reason for buying a home during the holidays. December is the month before the Federal Reserve’s interest rate hikes resume, which can add to any costs for those borrowing. If you plan to take out a mortgage, those additional costs might put some homes out of reach.
Danielle Hale, chief economist with Realtor.com, agrees, stating, “With rate hikes and home-price increases on the horizon, there’s a lot to be gained by locking in your monthly payment now versus waiting until later.”
Hale explains another good reason for buying a home during the holidays is the fact that sellers might be more flexible. Plus, besides negotiating price, a good real estate agent might have more luck during this time of year negotiating the closing date and giving the buyers peace of mind with a home warranty.
There are even more benefits I’d be happy to discuss. The bottom line: if you fall in love with a house that’s on the market, you shouldn’t allow the holidays to deter you from making an offer.
I have many amazing listings for serious buyers to consider right now on my comprehensive website. For example, take my new listing pictured above, a spectacular Ocean & Mountain View Ennisbrook Estate located in Montecito’s exclusive Ennisbrook community.
This impressive approximately 2.25-acre ocean and mountain view estate is a classic example of Modern Mediterranean design with amenities and grounds that rival those of a world-class resort. The home is perfect for anyone who loves to entertain, or for those looking for a sanctuary for family and friends.
The private Ennisbrook community is made up of wonderful estates, with most sitting on parcels ranging from 1 to 3 acres. Many of the properties command spectacular ocean and/or mountain views. The entire enclave is blessed with extraordinary landscaping, privacy, open spaces and a connection with nature. More than 50 acres in the community have been set aside as open space.
Or how about this San Antonio Creek Spanish Residence. This single-level Spanish home is located in the Park Highlands area of the Santa Barbara foothills.
Designed by noted Montecito architect Bob Easton and built in 2015, the home is near family-friendly San Antonio Creek Trail and Park in the highly desirable Mountain View School, a K-12 public elementary school. That makes this a great choice for families with young children.
About San Antonio Creek’s Park Highlands Neighborhood
Seated in the foothills of Santa Barbara, just west of San Roque and off of Foothill Road, Park Highlands offers an ideal location overlooking the Pacific Ocean, the Goleta Valley, and the Santa Ynez Mountains. The combination of elevation and distance from the ocean makes for a perfect climate, while a park-like entry gives this area the look and feel of a private community.
Park Highlands is a newer community: mostly rebuilt in 1991. The custom, executive-style homes here are typically on large lots, with architectural styles ranging from Mediterranean to Contemporary.
If you’re considering buying a home during the holidays in Montecito, Hope Ranch or any of Santa Barbara’s upscale communities, or are considering selling your home in the Santa Barbara area, I’m here to help. Please call me at 805.886.9378 or email me at Cristal@montecito-estate.com. Together we’ll find the perfect place where your dreams can come true!