Forget about hitting the malls this holiday season. You should ideally be closing on that new home, if you’re smart.
While the holiday season is notoriously known for being slow in the real estate world, most homeowners don’t realize that closing the day after Christmas could save you some serious cash.
According to a five-year study from data firm ATTOM Data Solutions, the best day of the year to close on a home is Dec. 26 because it could save you upwards of $2,500.
The group analyzed data of more than 18 million single-family home and condo sales over the past five years to determine which days of the year offer the biggest discounts.
“People closing on a home purchase December 26 were submitting offers around Thanksgiving and starting their home search around Halloween — likely not a common path to home purchase for most buyers and exactly why it’s the best time to buy,” Daren Blomquist, senior vice president with ATTOM Data Solutions, said in a statement.
Blomquist added that buyers and investors who are willing to start their home search right as stores are setting up for holiday decorations will likely face less competition and will be dealing with more motivated sellers, giving them the upper hand in price negotiations.
But Dec. 26 isn’t the only day to save. ATTOM found that the month of December holds seven key saving days. Those days include Dec. 7, 4, 29, 1 and 8. Other prime days to close throughout the year include Oct. 12, Nov. 9 and Feb. 9.
Here are the best 10 days of the year to buy a home.
1. Dec. 26
Estimated savings: $2,500
2. Dec. 7
Estimated savings: $2,000
3. Dec. 4
Estimated savings: $1,823
4. Dec. 29
Estimated savings: $1,320
5. Dec. 21
Estimated savings: $1,223
6. Dec. 1
Estimated savings: $1,000
7. Oct. 12
Estimated savings: $1,000
8. Nov. 9
Estimated savings: $666
9. Feb. 9
Estimated savings: $500
10. Dec. 8
Estimated savings: $149
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https://www.foxbusiness.com/features/this-is-the-best-day-to-buy-a-house