The time to get pre-approved for a mortgage is NOW. Because December is the best month, by far, to buy a home.

That’s not us talking. That’s the conclusion of a recent survey from ATTOM Data Solutions, an Irvine, California-based real estate data and information firm.

Analysts from ATTOM Data Solutions looked at more than 18 million home sales over a period of five years in order to identify what days of the year had the best bargains for home-buyers – defined as sales at prices below estimated market value.

The study found that there were only 10 days out of the year when homes sold at a discount to estimated market value – and seven of them are in December.


Hawaii Housing Facts

Oral histories passed down from ancient Hawaiian priests and
genealogists list 28 generations of Hawaiian royalty up until the
time of Captain Cook’s arrival. But radio carbon dating of man-
made fishhooks and other artifacts suggest that the earliest travelers
arrived in the Hawaiian Islands by about 450 A.D and possibly as
early as 150 AD. But the ancient legends, as detailed by Martha Beckwith
in the book “Hawaiian Mythology,” also tell us tantalizingly of possible
earlier settlers, pushed up into the mountains by later arrivals.

These were called the Menehune.


The most likely reason? There are fewer people actively looking for homes during the holidays, says Daren Blomquist, senior vice president with ATTOM Data Solutions. That means buyers have less competition, and you’ll be bidding against fewer buyers, on average.

We have our own observations about that time of year, too: People who want to get the best price for their homes often list during the spring for a summer sale, during peak moving season, when children are out of school. People who have to list their homes during the holidays are more likely to have a need to sell quickly. That’s why they can’t wait until spring to list.

Both factors give more power to the buyer, and they make November an excellent time to get pre-qualified for a mortgage and start your home shopping in earnest for a fast close in December!

The best day to buy a house, technically, is on December 26th. Over the past five years, houses that close on that date sell for a 1.3 percent discount to estimated market value. Here in Hawaii, where the median price of a single-family home now tops $810,000, that’s enough to save you $10,530 on a typical home.

December 7th, 4th, 29th, 21st, and December 1st also turned up as excellent days to buy a home, with average discounts from estimated market value ranging from 0.5 percent to 0.1 percent.

Other days on which the average home sold at a discount to estimated market value include October 12th, November 9th, February 9th and December 8th.

Now, Hawaii is a little different from other markets. While on the mainland, most of the homebuying activity happens in the summer months, data from Inman suggests that January is an excellent time to list a home in Hawaii – which in turn suggests that there’s more competition in Hawaii during big wave surfing season than at other times of the year. But the holiday effect is strong in December no matter where you are in the country. And so the best time to be bidding on homes with a letter of pre-approval in your pocket is right now!

To start the process of getting pre-approved, click here. There’s still time to get a great rate and get you into the home of your dreams.

From all of us here at Pacific Home Loans, Mahalo and Hau’oli la Ho’omaika’i. Happy Thanksgiving.

Get Pre-Qualified
Contact Us