Whether you’re buying or selling during the holidays, knowing how the market changes during each season is vital in a successful real estate journey. Recognizing the ups and downs that happen during the holiday season can help you sell your home for a higher price or buy your new home for a lower price.
We’ve gathered a few tips to help you navigate the real estate market during the holidays, so read on to find out more!
Supply Goes Down
Due to a variety of reasons, there are always fewer people selling their home during the holiday season. Since people are on vacation, visiting family, or taking time off, there are also fewer available agents and lenders. But that isn’t necessarily a bad thing!
Since there’s a smaller supply and a smaller market in general, you can list your home for a more favorable price. You don’t have to worry about people looking at several homes similar to yours in one day; in fact, your home may be the top pick for several different buyers.
Motivation Goes Up
It’s true that the market shrinks during this time of year, but that also means that those looking to buy are more serious. This can act as a benefit in negotiations for both buyers and sellers. During the holiday season, there’s much more room for haggling.
If you’re buying a home during the holidays, you likely want to move in before or around the new year, and you don’t have a ton of options to choose from. That means you may be more likely to buy at a higher price. On the flip side, buyers selling during the holidays aren’t getting much action, so they be tempted to haggle to a lower price in order to sell their home quicker.
Faster Closing Dates
It’s not just buyers and sellers that are motivated to sell before the new year, but also agents and lenders. Getting those last sales in before the end of the year is good for company numbers and means less work during and after the holidays.
Thanks to the holiday rush, it’s much easier to close on a home quicker than usual. All parties will be motivated to move the process along, so you won’t be stuck in buying or selling limbo for weeks on end.
Historically Lower Interest Rates
Interest rates aren’t always lower during the holidays, as they depend on a variety of factors and can quickly fluctuate. But historically speaking, interest rates typically see a dip during the holidays because of a smaller market.
Again, this is not a guarantee, but if you find yourself buying a new home during the holidays, make sure you capitalize on the lower rates. You can end up saving yourself thousands in the long run by staying posted on the local market.
Buying or Selling a Home during the Holidays?
If you find yourself looking for a new place or a change of scenery during the holiday season, trust the team at Forsyth Realty. We can guide you through the process, no matter what it entails, and help you find the perfect home.