Staying Ahead of the Holiday Real Estate Curve
While the holidays are good for relaxing and spending time with family and friends, they can also be a time to take advantage of unique trends in real estate transactions. Most people think that the market temporarily shuts down during the holidays and turns back on after the gift-giving and turkey eating is complete.
However, keeping an eye out for holiday trends surrounding real estate can enable you to fetch a great price for a home you’re selling, or a get a good deal for a home you’ve always wanted to buy. Here are some common trends around the holidays that can help you stay ahead of the curve.
Interest rates are lower during holiday season
During holidays such as Thanksgiving and Christmas, buyers often take a break from their real estate hunting. Applications for mortgages are therefore lower, and interest rates drop as a result of the decreased demand. By planning for a mortgage around this time, you can get your hands on a lower mortgage rate.
Home prices rise towards the end of holidays
As the holiday season draws to a close, there is normally a spike in home prices. Many buyers are quick to resume house hunting when the holidays are nearing their end. At this time, fewer properties are on the market, but more buyers are looking. This drives up the prices of available homes in the market.
In fact, a study conducted by Redfin revealed that homes listed between December 21st and March 21st had a higher chance of selling at the seller’s asking price. As a seller, listing your home during this time is a great way to fetch a good-price.
Homes sell for lower prices during holidays
Most sellers tend to avoid listing during the holidays because they expect that buyers are busy enjoying the festivities. Therefore, sellers who actually list their property in the middle of the holiday season may be looking for a quick sale for whatever reason. And with lower competition from other buyers, you have more negotiating-power to cut a deal that works for you.
Popular holidays may lead to a surge in real estate transactions
Popular holidays such as New Year’s day, July 4th, and labor day often experience a surge in real estate transactions. Buyers tend to take advantage of the long holiday to focus on searching for properties and attending open houses as opposed to traveling.
For more on this subject read our recent blog, “Little Known Real Estate Costs That Can Push You Over Budget”
Thinking of buying or selling a home in the La Jolla area? As consistent top producers in real estate, Linda Daniels and The Daniels Group are your La Jolla housing specialists. Our team of local experts will ensure that you have a successful real estate transaction. Call us today at (858) 361-5561 or email us anytime by clicking here.