Buying and Selling Over the Holidays

Contrary to popular belief, a lot of real estate transactions happen over the holidays. Christmas lights, early nights and holiday delights in general may not be images we associate with home sales but every year without fail there are homes on the market in the November and December months and people are buying them. Some of the best sales are made with a little holiday magic.

There are plenty of reasons people sell their homes over the holidays. One thing we saw during the Great Recession, a lot of people were running out of money and means to keep their homes and they were selling them over the holidays, which was extremely sad. Fortunately we are seeing less people in distressed situations in 2013. Perennial reasons to sell homes over the holidays include job transfers, divorce and trustee sales. Rather than keep a home empty for several months waiting for warmer weather many sellers opt to put their homes on the market.

There are practical reasons people buy over the holidays and through the winter. Cautious home buyers prefer purchasing in the rainy season so they can see if roofs and walls leak. There is also the matter of wetness and pooling water under a house. The extent of water intrusion is easier to observe when they are actually happening, rather than speculating on it during the dry season.

With fewer properties in general on the market over the holidays home sellers have less competition to contend with. Likewise home buyers have fewer buyers to compete with, which is particularly important after a year like 2013 when we saw many houses attract multiple offers and go over their asking prices. Some home buyers are out looking for bargains during the holidays. The real estate market knows no ‘Black Friday’, however if a home has been sitting on the market throughout the year without selling, buyers have a better opportunity of purchasing at a discount during the holidays.

Even if a seller doesn’t intend to put their home on the market over the holidays it’s not unusual for sellers to prepare for sales in the coming year. It can take time to get carpets ordered and installed, painters booked and jobs completed. Sellers doing more than paint and carpet in preparation for the market often continue projects such as kitchen and bathroom remodels over the holidays. Contractors like Realtors don’t only work when the flowers are in bloom and the weather is warming.

This year like so many before it we will see real estate transactions over the holidays. We will see people getting their homes ready for the market in 2014, whether or not they are coming on right after the New Year, after the Super Bowl or after the rainy season. If you are serious about buying or selling a house, your activity should not stop during the holidays. These holidays could truly become your season of change.