When it comes to the year-end holidays, you might be surprised to hear that property sales are often slower than usual. In fact, according to a recent report by the National Association of Realtors, holiday sales are down an average of 7%. Find out why difficult to buy or sell homes on holidays and what you need to know to stay ahead of the curve.
Difficult to buy or Sell Homes on Holidays: Fewer Property Listings
When people begin their holiday shopping, they check out their local stores in person before they do online shopping. The same goes for home buyers when they want to go for holiday home shopping. During the holiday season, fewer properties are listed for several reasons.
First, the weather is much colder, and more people are inside. This makes it more difficult for people to visit open houses, which is the first place that buyers usually go for information about a property. In addition, sellers may not necessarily put their property up for sale because they are hoping to price it at a low point for the business to pick up again at the beginning of next year.
Difficult to buy or Sell Homes on Holidays: More Rentals
Along with the higher interest rates and the low number of home sales this year, many people also opt to rent instead. This is because of the slower market and people who want to get into their dream homes but can’t afford to buy. In addition, some agencies are offering landlords larger discounts on their rents to encourage them to keep their properties vacant until the spring. This is not necessarily bad, but it tends to skew the numbers a bit, as more people appear to be renting rather than buying.
Difficult to buy or Sell Homes on Holidays: Closed Offices
Many real estate market and mortgage companies take the holiday season off. It can be hard to contact anyone during this time, which may make it more difficult for potential home buyers to get the information they need. This is especially true if you’re trying to apply for a mortgage.
Difficult to buy or Sell Homes on Holidays: Parties to go to and Shopping
Many people will be attending holiday parties and spending time at shopping centers. This makes it more difficult to take time out of their busy schedules to show properties. The holidays also tend to be a bit more bittersweet as people reflect on the past year and consider what they want for the next one.
Difficult to buy or Sell Homes on Holidays: Plenty of Other Buyers
This is where the saying, “there is plenty of fish in the sea,” comes into play. Many buyers are out there looking for a home and will not hesitate to make an offer on one when they find one that interests them. There are not enough homes for all these people to purchase at once, making it difficult for buyers who want to make large purchases like a new home.
A Note from Angelo Sbrocca
Regarding holiday buying and selling, things tend to be much slower than during the rest of the year. It is best to note that you will have fewer houses available and that interest rates may be higher. This is not bad, but it can make it difficult for people who want to purchase a new home this season. Working with a professional real estate agent such as Angelo Sbrocca will provide you with access to the best deals and help you to find the perfect home that meets your needs!