Christmas is just around the corner, and a festive atmosphere is already in the air. Besides decorating a Christmas tree, buying presents, and cooking delicious food, some people are also thinking about the real estate market. More precisely, more and more people are looking to sell their house or buy a new one this time of year. However, they have one burning question: Is selling or buying a property over Christmas a good idea? Since there are both pros and cons regarding this situation, there is no correct answer. So, if you want to make an educated decision that suits your real estate needs, keep reading for a thorough analysis of the market.
Buying a property over Christmas
Buying a new house and moving in the middle of the Christmas holidays may sound crazy. However, it doesn’t have to be. Even though this isn’t a typical winter activity, it doesn’t mean you can’t do it. The right time to buy a property is when you are ready for it, not when somebody says it is. So, we’re giving you a list of pros and cons that will help you decide whether you want to proceed with this plan or delay it until after the holidays.
- Lower prices: Since many sellers are uncertain about the real estate market during Christmas, they won’t put their property on sale. However, the ones who do will do anything to sell their property fast. As a result, their asking price is usually lower than it would be in different circumstances. This is a highly favorable situation for buyers. So, as sellers feel extra motivated to secure the sale, buyers will purchase a new house and save money at the same time.
- Transparency of the problematic areas: Summer is the hot time for the real estate market. However, your new house may seem perfect at the beginning, but you will definitely come across some problems as time goes by. That’s why buying a property over Christmas can be highly beneficial. You can immediately check whether the ventilation is working correctly, if everything is okay with the heating, or if the insulation is doing its magic.
- Less to no competition: Just like sellers are afraid of the weak market during Christmas, buyers also have doubts. That’s why it’s common for buyers to have less to no competition at all when purchasing a property. You won’t have to get into bidding wars, and if that’s good enough, we don’t know what is.
- Easier price negotiation: The opportunity to haggle the price is, without a doubt, the strongest advantage of buying a property over the holidays. In most cases, there will be fewer listings and fewer buyers. This implies that sellers will not get many offers. So, without high demand, buyers are in a favorable position.
- Easier to find tenants: If you’re buying a property as an investment, Christmas might be the best time for it. Some people love to rent a house for the holidays, so this would be your chance to shine. You’ll find tenants quicker than ever.
- Fewer listings on the market: As we already said, many sellers decide to wait after the holidays to put their property on the market. As a result, there are fewer listings during Christmas. You might have a problem finding your dream home this time of the year.
- Not enough real estate agents: Additionally, many real estate agents decide to go on vacation this time of year or spend time with their families. So, it’s common for buyers to struggle with finding a trustworthy real estate agent over Christmas.
- Less time: Christmas is already the busiest time of the year, so finding the perfect property in a short time period might be a challenge. With fewer properties on the market, buyers can get pretty motivated to purchase what they can. You have to be ready for a quick buy, especially if you want to leave some time for relaxing and enjoying the holidays.
- Moving in the middle of the Holiday rush: With everything going on over Christmas, moving to your new house might be a challenge. Not only will you have to relocate all your belongings but you’ll also have to do it in cold weather. That’s why hiring a professional moving crew and packing your belongings adequately is a must. Stick to the recommended packing tips and prepare your items in no time for the upcoming relocation.
Selling a property over Christmas
Just like buying, selling a property over Christmas has its benefits and drawbacks as well. So, if you want to do what’s best for both you and your bank account, read the following list of pros and cons.
- Better prices: Fewer buyers and lower demand can go two ways. If you plan a good strategy with your real estate agent, you’ll be able to sell your house for a higher price, especially if your property is in a good location. In addition, if two potential buyers get in a bidding war over your property, you’ll end up with more money in your bank account than you expected.
- Festive setting: Summer creates a natural and bright setting in your home, but Christmas gives it a festive and jolly atmosphere. This is a home staging strategy you can’t go wrong with.
- Faster sale: With fewer listings on the market, you’ll sell your property in no time. In addition, buyers looking for a property during Christmas are typically more serious, which will result in a quick sale.
- Less competition: Buyers are not the only ones who have less competition during Christmas. As we already said, many sellers think selling a property during this time of year is not a good idea. Therefore, sellers won’t have so many competitors on the market either.
- Fewer buyers: Just like there are fewer listings on the market, there are also fewer buyers in the game. The dilemma of whether to get into the real estate waters during Christmas goes both ways. This can result in your property being on the market for a long time. Thus, you might have to lower the asking price.
- Less available real estate agents: Whether you’re buying or selling a property over Christmas, the shortage of available agents is a problem. If you can’t find a professional who will lead you through selling your property, you might have some issues.
- Bad assumptions: Prospective buyers might get suspicious about why you want to sell your property. They might get the impression that you’re trying to get rid of it for financial or other reasons. This might lead them to give up on buying your property.
Is selling or buying a property over Christmas a good idea? – The final verdict
When it comes to buying or selling a property, there is no right answer to when you should do it. There isn’t perfect timing. So, is selling or buying a property over Christmas a good idea? You’ll have to look at all the pros and cons we listed. It all comes down to you and your current real estate needs and financial situation.
This informative article was contributed with kindness from Lindsay Denton, at MiamiMovingGuide.com. Check them out and use them as a resource for your moves to and from Miami, and Miami Moving Guide has great articles for just when you need more information about moving, in general!