Purchasing or selling real estate during the holiday season? Some things to consider…

For Buyers –

1) A seller who’s looking to move a piece of real estate during the holidays is a seller who needs to sell, because nobody in their right mind would pick that as the most convenient time to list their property.” And that’s why the year-end might be a smart time to buy: Determined house-hunters can take advantage of sellers’ urgency.

House Bow2) Just as there are fewer sellers in the market during this time of the year, there are likewise fewer buyers.  Fewer buyers actively searching for homes during the season  results in more negotiation power when dealing with urgent sellers.  Only 8% of home sales occur in December, so buyers have more leverage when countering and negotiating the price.

3) Given  the short, pre-holiday timetable in autumn, you may be tempted to place a bid that is out of your price range, in order to get settled in before the holidays. Before you make an offer, know what kind of house you need and what you can realistically afford, and stick to your budget. You may want to explore prequalifying for a loan so that you’ll be ready to act when you find the home you want.  

4) Don’t be caught up in the emotion of the holiday season.  Homes you visit are likely to be adorned with the trappings of the next impending holiday.  Those adornments are likely to create positive emotions toward the particular home, as you may begin to imagine your holidays in that same home.  Leave the emotions at the door.

5) Statistically, interest rates tend to drop most at the end of the year, a further encouragement to serious homebuyers.  Lower rates means more purchasing power or lower monthly payments.

6)  The season slows down business for REALTORS, lenders, and title companies.  Therefore, real estate agents are more available to manage showings and provide the highest level of service and care to clients.  In addition, lenders and title companies can process loans faster.

For Sellers –Sants selling house

1) Emotion plays a huge role in which home a buyer purchases, and you can capitalize on that by making your home cozy and cheery during showings. Tasteful decorations and a minimum of clutter will allow buyers to see their own families celebrating the holidays in your home next year.

2) Most sellers will decide to wait until the first of the year or even springtime to put their homes up for sale.  That’s great news for you because you won’t have to compete with dozens of other homes just like yours to get buyers’ attention. Reduced inventory means more buyers checking out your home, either online or in person.

3)  Tax advantages leave some buyers urgent to purchase their home before the end of the year.  As a result, if the home is priced fairly, buyers will snatch it up quickly for the listed price.

4) Moreover, as stated above, statistically lower interest rates during the holiday season provide an added incentive to buyers.

5) Many homeowners are under the impression that they will be inconvenienced with showings or dealing with the closing process, and simply want to enjoy the holidays.  However, sellers have the option to restrict showings, delay the close, etc. so that they can celebrate the holidays and still keep their home on the market.