By Elizabeth Ekk
It was once accepted that the holiday season was the worst time to buy or sell a home. However, thanks to the internet, hectic lifestyles, and supply and demand, there is no longer a need to curtail your property shopping or selling after Thanksgiving. If you choose to sell or not sell at the end of the year, it should have to do with your particular situation and market conditions, not because of the festivities. Take a look at these common real estate myths and their busting counterpoints just in time for the holidays.
1. Life is too hectic to shop for a home during the winter holiday season. In the past, most homebuyers felt that the holidays were too hectic for home shopping. The perception was that buyers were preoccupied with planning parties, cooking meals, buying presents or planning vacations. Going out with a real estate agent to look at properties conflicted with a busy holiday schedule. This made perfect sense; however, it was far from the complete picture. There has been a 24 percent increase in home volume sales since 2014 during the months of October through December. According to the National Association of Realtors, 90 percent of homebuyers first start their search online. As technology advances and allows easy access to information through smart phones, smart watches and tablets, searching for homes and selecting communities that Wt the buyer is much easier and not confined by limitations usually set during the holiday season.
Traditional buying and selling seasons have evolved as a result of instant, ubiquitous access to property listings. Also, during the holidays some home buyers have accrued vacation hours they can use to look for their new home.
2. The inventory — and the competition — is usually lighter during the holidays. The proof is in the numbers: The number of homes sold during the fall season has increased 13 percent from 2014 to 2015 (according to the Tallahassee Board of Realtors sold statistics). That is a total of 329 homes sold compared to the previous year home sales of 292.
3. Only the left over inventory is listed in the winter months. Has your home been on the market too long? This could be a great time to lower the price or change your strategy. Motivated sellers with a more realistic price will attract buyers. A realtor will help you get your house sold faster than you could on your own.
4. There couldn’t be a worse time to buy a second home or investment property at the beach. This is a great time to buy beach and vacation properties along the Emerald Coast. For investment and vacation beachside properties, purchasing during what is considered the low-season allows for optimum purchase power. The majority of sellers at the beach are motivated to sell because they are not generating as much income in the off-season compared to weekly high-season rental months. Buyers can buy a property that has potential future income already on the books for the upcoming high season months.
5. January is the most hectic month for executed pre-construction contracts. Buyers have just finished entertaining during the holidays and have realized what space and upgrades they want for next year’s holiday season. This is the perfect time to choose the design features for your new home.
Elizabeth Ekk is a Realtor and partner at Ekk & Hamilton Realty. For more real estate related news go to blog. newhomesonmarket.com.
