When dealing in the real estate market, timing is an important factor to consider. As an investor, you should buy or sell your home at the right time. The seasons of the year usually have a huge impact on the pricing of real estate. As the holidays approach, you might ask yourself, is it the right time to sell my home?
People prefer settling in their homes during the holidays, making them unkind times on the real estate market. You will find fewer properties on the market during these times because sellers consider them not ideal times to sell their homes. That is not always the case. Are you not sure about buying or selling a real estate property during the holiday season? Let’s look at how the holidays affect the real estate market.
The Impact of Holidays on the Real Estate Market
- Influencing Market Trends
As the holidays begin, the demand for open houses drops but significantly rises immediately after the holidays. The Realtor analysis affirms that the need for homes starts dropping during Thanksgiving. The market then regains normalcy up to the 24th day of December, which is considered the slowest day. Real estate agents are then extremely busy immediately after Christmas and during the Labor Day weekend, recording higher sales. After the holidays, although still on break, people utilize the time to find their dream home.
These trends depend on your locality, with some showcasing high fluctuations while demand for properties in some areas drops slightly. As a buyer, you can utilize the lower demand during the holidays. You will have less competition with a more incredible option of real estate to buy.
- Buyers and Sellers are More Serious
During the warmer seasons, sellers list more real estate for sale. People are tempted to assess the homes without the intention of buying them. Checking open houses becomes an activity to pass the time during these times of the year. That is not the case during winter seasons because a person who searches for a house is ready to purchase it.
A person would not want to waste their holidays looking at homes they don’t intend to buy. Sellers can advertise their homes for sale during this time, attracting serious buyers. They are also likely to sell at higher prices because buyers will want the deal settled quickly. The serious buyers will do anything to buy the given home.
- Lower Interest Rates
Even though real estate interest rates fluctuate, they are relatively lower during the holiday season. Because of the lower demand for homes, lenders provide loans at lower rates to help you acquire your dream home.
- Keep in Mind the Timing
Just like seasons, the time of the day can also influence a real estate listing. Buyers are likely to buy homes recently listed on the market. To increase your sales, you can post the property around midnight or morning hours before the holidays. Your listing will attract more potential clients, increasing your chances of selling them.
What to do during the Holidays?
As a seller, brokers originally believed that you should unlist your property and wait until the holidays are over. However, it is advisable to leave your property on the market as you will face less competition, making it stand out, increasing your possibility to sell.
As a buyer, some investors will take a break from the market, leaving only serious ones. Some sellers might reduce the prices as an incentive to get more buyers.
How We Can Help
Irrespective of your timing, real estate markets can still work in your favor. It is crucial to monitor the real estate market without assuming it will be unfavorable during the holidays.
Even though the holidays are approaching, the real estate market stays strong and busy. Don’t let anything get in your way. At Center Street Lending, we are here to help you complete your project. Submit an application with us today.