Real Estate and Holidays: What You Need to Know

Real Estate and Holidays: What You Need to Know

24 December, 2020

Holidays are awesome! Time for family members to gather and snuggle around warm fire. With Christmas and New Year festivities in the air, annual holiday feasts taste much better. And add to it the numerous offers showered by brands, it seems to be the perfect time to go for shopping.

But there’s one segment of shopping that will leave you surprised. Real Estate! As you settle with your family, you’ll surely think holidays are the worst time to sell or buy your property. Isn’t it? Wrong! Holidays can be the BEST time for real estate transactions- sell or buy.

Yes, holidays are GOOD to invest in real estate

There WAS a time when people assumed real estate transactions would stop around holidays. People would be too busy vacationing with their loved ones, enjoying festivities, and relaxing. So, buying or selling property should be pushed off to the first week of January.

As times have changed and technology has evolved, the ideas about ideal time to buy property have changed. Rising living standards, better earnings, and a change in mindset also play a very crucial role in this.

Modern buyers are tech savvy, constantly glued to their phones, and work right up till Christmas. Plus, they do not shy away from amalgamating gifts with investment.

Modern buyers are tech savvy, constantly glued to their phones, and work right up till Christmas. Plus, they do not shy away from amalgamating gifts with investment. And aren’t shy of lavish spendings. Do you get the drift? These are the ripening conditions making holidays a good time for the real estate market.

Less is Better

Buyers have an edge over during the holidays. Undeniably, real estate inventory is a bit limited during the holidays. But instead of this being an obstacle, it gives buyers a major advantage in the form of- less competition. There is a strong possibility you will be able to negotiate a better price. Holidays give you a golden chance to snag your dream home without having to compete against high demand and costs.

Strong Motivation

For buyers, holiday season is the best time to leverage motivated sellers. Builders and individuals selling their property during holiday season straightaway implies they are pretty serious about it. No multiple meetings, no putting off decision making! In short, no delays because of poor decision making. You are serious about buying and sellers are serious about selling it.

Everybody, from lenders and property inspectors to realtors, is motivated to finish tasks off their list and score a deal before the year ends. This means you won’t be caught in lags and delays.

There is no guarantee for interest rates, as they keep fluctuating. Nobody can fully guarantee you a lower interest rate at the holiday time. But historically speaking, interest rates have always been towards the lower side during holidays. There is less financial business being done during this time. This means a very high chance of you finding favorable financing and real estate deals.

Low Interest Rate

There is no guarantee for interest rates, as they keep fluctuating. Nobody can fully guarantee you a lower interest rate at the holiday time. But historically speaking, interest rates have always been towards the lower side during holidays. There is less financial business being done during this time. This means a very high chance of you finding favorable financing and real estate deals.

Year End Job Transfers

Timing matters! Year end is the time when employees get notified they have a job transfer. Also, the time when people are switching between companies and might need to relocate soon. The new generation is less interested in renting if they have the means to buy a new home. And these motivated buyers would definitely need a new home in their new city.

Key takeaways

  • Faster closing
  • Motivated buyers and sellers
  • Better prices
  • High chances of lower interest rates
  • Better real estate deals

The One Thing You Absolutely Shouldn’t Do

Are you planning to buy new property at the year end? There are a couple of Dos you need to stick to. Like, visiting property to inspect it thoroughly, hold conversations about quality, quality checks, and deciding if it is value for money to you.

But there is one thing you never do no matter what. You might be extra motivated but you cannot skip on this:

Do not skip your research

Do your research thoroughly. However busy you are, you do need to fully research the builder’s reputation, past projects completed by the project management company, and the real estate firm’s financial standing. Make time to talk to buyers of their past projects.