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Buying and Selling During The Holidays

The Pros and Cons of Buying and Selling a House During the Holidays

The period from Thanksgiving to New Year’s Day is generally considered a bad time of year to sell or buy a house, but is that really true? Many of the conditions contributing to lower home sales during this season are weather-related, such as colder temperatures and ice and snow. That’s simply not an issue in Hawaii. Of course, the many activities associated with the holidays does mean that sellers, buyer and real estate agents don’t have as much time for showings as they may during other times of the year. However, buyers especially may have more time off than usual to look for a new home, and those purchasing a home at this time of year tend toward the more motivated.

Fewer Houses on the Market

Many homeowners intending to sell don’t put their houses on the market until after the holidays or wait until the early spring. If you do decide to sell your house during this period, you have an advantage, as fewer available houses mean less competition. For the buyer, however, that’s a disadvantage, as there are not as many houses from which to choose. Some buyers are more likely to make lowball offers during the holidays, sensing a seller is desperate if they list their home in late fall or early winter. A seller probably won’t experience a bidding war, but because there is less competition, they may receive a higher sale price, as long as they ignore the low ballers.

December 31 Deadlines

Why are the buyers house shopping during the holidays more motivated? Often, it’s because they have a December 31 deadline looming. They may need to relocate for job purposes, or want to the tax advantages of closing before the end of the year. While the motivation is a plus, this is a tougher time of year for a buyer to obtain financing if they aren’t pre-approved. As with everyone else, lenders, appraisers and other real estate professionals may take time off during the holidays. That makes meeting a December 31 deadline especially difficult if the offer isn’t made on the property until the middle of the month.

If a buyer is interested in buying a foreclosure, this may prove the best time of year to purchase such a home. Banks really want to get these properties off their books by year’s end, and may accept an offer they wouldn’t consider earlier.

The Staging Dilemma

Many homeowners love to decorate their dwellings for the holidays, but that may cause a problem when trying to sell the home. Too many decorations may obscure some of the home’s best features, so that potential buyers can’t see the house to its best advantage. On the other hand, tasteful decorations can add to a home’s charm. If you’re a seller, your real estate agent can help advise you on the best way to decorate and stage your home for the holidays for marketing purposes.

 

Contact Us

If you’re looking to buy or sell a home or find a rental property, you need a knowledgeable, experienced realtor. We make sure buyers, sellers and renters understand the process every step of the way. Contact Island Realty Group LLC at 808-689-7407 or IslandRealtyGroup@irghi.com.

 

Buying and Selling During The Holidays