2-Dec-18 – With America recovering from a turkey and stuffing hangover, now is the time to analyze the state of the local and national housing market.

For home and condominium buying novices, here are a few well-known historical home-shopping facts...

So, when is the best time to buy a home and get the best deal on price?

According to 10 Best Days to Buy a Home, a new study by ATTOM Data Solutions, buyers willing to close on a home purchase on the day after Christmas realize the biggest discounts below full market of any day in the year.

The study, which involved analysis of 18 million single-family home and condo sales over the past five years, found ten days of the year that allow buyers to pocket price discounts below estimated market value.

In addition to December 26, when a buyer nationwide can expect a 1.3 percent price discount on the average home, six other best-buyer days also are in December. Those discounts range from 0.5 percent on December 1 to 1.0 percent on December 4 and 7.

The other three best-price discount days are 0.5 percent on October 12, 0.3 percent on November 9, and 0.3 percent on February 9.

December also is the best month to buy a home or condo in Chicago, ATTOM Data Solutions reported. Buyers here can expect a 6.2 percent price discount in the Windy City. Other good months for a hefty price discount in Chicago are January – for a 5.6 percent price reduction – and February and October – each with a 4.8 percent discount.

The worst month to buy is June, when sellers markup average prices 2.6 percent, the study found.

“Despite the survey findings, I believe August is the best time for a Realtor to negotiate the best price of a home for a buyer,” said veteran buyer broker Sara Benson (left), president of Chicago-based Benson Stanley Realty.

“August is the worst time of the year for a home seller. It’s the hottest month of the year. There are fewer buyers shopping, everyone – Realtors, loan officers, and would-be purchasers – are on vacation. Families with children have already made their purchase decisions based on the school year. The pool of buyers shrinks in August,” said Benson.

Chicago home sales rebound in October

Existing home sales in the Chicago-area housing market rebounded in October after a noticeable slump in September, reported Illinois Realtors.

In the nine-county Chicago metropolitan area, single-family home and condominiums sales in October totaled 9,038 units, down 1.7 percent from October 2017, when 9,191 units were sold. The median price in October was $230,000 in the Chicago metro area, an increase of 3.6 percent from $222,000 in October 2017.

Chicago saw year-over-year home and condo transactions decrease 2.5 percent with 2,056 units sold in October, compared with 2,109 units in the same month a year ago. The median price of a Chicago home in October was $272,500, up 4.8 percent compared with $260,000 in October 2017. Sales data is collected by Realtor multiple listings and Midwest Real Estate Data LLC, the regional multiple listing service.

“A stabilization is taking place in many areas of the market,” said Tommy Choi (right), president of Chicago Association of Realtors. “Demand and prices are fairly steady, inventory continues to decline, and buyers are regaining some power.”

Overall, this October was better than any other October since 2006 at the peak of the housing boom, according to Jeff LaGrange, Region Vice President of five RE/MAX regions including Northern Illinois.

“Interest rates have been rising and the buyers most impacted by that and by rising home prices are first-timers purchasing at the low end of the price spectrum,” said LaGrange (left).

Benchmark 30-year fixed mortgage rates eased slightly to 4.81 percent on November 21 after hitting 4.94 percent a week earlier, reported Freddie Mac’s Primary Mortgage Market Survey. A year ago, the 30-year loan average was 3.92 percent.

On November 21, Chicago-area lenders were charging a range of 4.57 to 4.863 percent for 30-year fixed-rate home loans, according to RateSeeker.