Comp One Blog - Your Local Expert!

Look for the second part of my series on reviewing your appraisal like an appraiser coming soon, but today I want to take a quick moment to discuss value, price, sales and the best day to buy something.  

I just came across this article in the MReport which discusses the best days and months to buy a home based on the lowest premium above the automated valuation model as indicated in an analysis completed by ATTOM. 

You can check out the full article here: 

http://themreport.com/news/data/11-29-2023/whens-the-best-day-to-buy  

So when?  

According to ATTOM's latest analysis of more than 47 million single family home and condo sales over the past 10 years, buyers who close on January 9th are seeing the lowest premium above the automated valuation model (AVM).

What about the best months to buy?  

October (6.2% premium above market value)
September (6.8% premium)
November (6.8% premium)
December (6.9% premium)
August (7.6% premium)

Interesting that January is not included in the month list, but January 9th is noted as the best day to buy.  

According to Merriam Webster the definition of value includes the monetary worth of something (ie: market price), a fair return or equivalent in goods, services, or money for something exchanged, relative worth, utility, or importance, something (such as a principle or quality) intrinsically valuable or desirable, and a numerical quantity that is assigned or is determined by calculation or measurement.  

Appraised value can be defined as a professional judgement of a property's worth, which may not correspond to its actual market value or selling price.

We are in the holiday season and retailers are advertising sales like crazy.  Appliances, electronics, mattresses, you name it.  What's interesting about this is that the price for these items drop over night.  One day a refigerator is $999 and the next morning you can get the exact same refrigerator for $100, $200, $300 less.  That's great if you buy at the right time, but not so great if you're the rube that bought it the day before it went on sale. 

Considering this study, I think it's interesting to contemplate that these changes occur in the real estate market as well.  They may not happen overnight, but there are definitely times of year and, based on this study, days when the stars align and properties sell for the lowest price in a given year.   

As consumers, it's up to us to be informed.  Value and price fluctuate all the time.  Just ask the retail sales associate who is covering up the $999 price tag on that refrigerator with a price tag that says $749.  XYZ retailer will gladly sell you that refrigerator the day before the sale for $250 more, and home sellers will gladly sell to you at a premium (for them) in the spring and early summer months. 

Contact Comp One Appraisal Services today and put our local expertise to work for you.  Based in the Globe Building at Peachtree Dekalb Airport, we're the perfect resource for attorneys, agents, homeowners, and lenders.  Thanks for reading!