Traditionally, the holidays see a seasonal slowdown when it comes to real estate. Many people start decorating their homes, not listing them. But while not a well-known ‘hot market’ time for properties, the holidays can actually be a great time to buy or sell. From motivated sellers and buyers to less competition, there are a number of benefits to both parties when it comes to buying or selling during the holidays.
Motivated Sellers and Buyers
Throughout North America, it’s generally acknowledged that for most of the US and Canada, real estate ramps up during the spring and summer months and wanes in the winter. But people want to buy and sell all year-round. With inventory lower than in other seasons, sellers want to sell and buyers want to buy, which means both buyers and sellers are exceptionally motivated to make deals.
One of the biggest obstacles many buyers and sellers come up against during ‘real estate season’ is competition. When the time is right, some real estate markets see properties sell within hours, and for buyers, it can be incredibly difficult to find a home when inventory doesn’t last. The holidays and winter months can actually benefit buyers and sellers that might have been intimidated during the busy season. Buyers may see less competition as other buyers may not want to impact their holiday celebrations, and sellers may see less competition as other owners may choose to wait to list their homes in the new year.
If you are a seller and plan to list during the holidays, make smart choices when it comes to holiday decor and keep gifts in a separate, secure space. For buyers, give plenty of advance notice for showings and practice patience.
More Time to Look
Real estate has seen record sales in recent years, with the spring and summer months seeing the most movement of properties overall. But homes do go on the market during the holidays. Depending on one’s location, buyers may be at an advantage looking for a new home during the holidays as competition is less, which means more time to look for a new home. Buyers may not have to immediately jump on a property as the risk of it being gone within hours isn’t present. For those buyers that want to be able to take their time looking at properties, the holidays may be the best option.
Increased Agent Availability
When the real estate market is hot, agents can find themselves juggling multiple clients and strapped for time. Buyers and sellers looking to buy during the holidays will benefit from a slower market as agents will have more time to spend working with them. For buyers, this can mean seeing more homes or having more time for agents to find great properties to visit. For sellers, an agent will have more time to market your home and ensure you get the best offer. If you are looking to buy or sell during the holidays, ensure you find an agent that will work with you during that time, as some may choose to pause until the new year.
The holidays may not seem like the best time to buy or sell a property, but they can actually prove fruitful for many buyers and sellers. If you decide to look for a home over the holidays, prepare to work around holiday celebrations. If you list your home, expect buyers to want to see your property no matter the day or time.