There are certain things the holidays are suitable for. They tend to bring out the best in us. It’s a time for family, sharing, all those warm moments that tend to be forgotten about under the sometimes grueling regime of everyday life. However, they might not be the best for some other things. For one, the holidays don’t seem to have a favorable stance towards your weight loss program. They also seem to adversely impact the contents of your wallet. What we want to know is how do the holidays affect real estate? Is it wise to place a delightful one-story ranch with a fully furnished basement under the Christmas tree, or is it best left for warmer days? For the TLDR readers out there, the answer is yes. For those who don’t know the acronym or want a little more insight, let’s take a closer look together!
Caroling or Shopping
There are plenty of Christmas holiday activities to try in Virginia, and buying or selling a house is one of them! If you delve a little deeper into human behavior, you understand why the holidays are an interesting time. On the one hand, many people will be partaking in the holidays themselves. So, instead of looking at open homes, they will be caroling. I use this as a simple example to express the differences that will emerge in the way people act. Most people will enjoy the time-off and use it to unwind. However, a smaller but rather dedicated contingent of well-motivated individuals will not cease with their prior activities. They will continue to look for that perfect home. Serious sellers will keep their properties listed and welcome all new offers. Why would they choose to do this? Because they know the score. Less competition means a jollier time for those involved. No bidding wars and smaller chances of losing the offer. Most statistics point to the fact that demand wanes right before and during the holidays. You have one guess as to when it spikes again. Using that little pocket of calm to your advantage seems prudent.
Serious Offers Only Please
How many times have we seen this written in any kind of advertisement? So many times that it has lost all meaning. Of course, you are looking for a serious offer; nobody wants to waste their time. If only you could do that for the house you are trying to sell. The spring and summer have a jam-packed inventory, with all kinds of properties on sale. It makes sense, too; there are plenty of buyers out there. The problem is, some of them are just perusing. Going to open houses, weighing their options, maybe even killing time. Not an ideal scenario. Now go back to what we touched upon in the previous section. During the holidays, you only have serious buyers and sellers. Anybody willing to forego holiday laziness (a term I just coined, not to be understood as anything derogatory, but presenting well-deserved rest) means they are on a mission. If you are looking at a condo while the wind is blowing and the rain is falling, you are seriously considering buying it. Therefore, listing your home with a reliable company during the holidays could be the right thing to do! If sellers are accommodating enough to show you their property and are not selling it during the ‘prime’ season, it means they really need to sell.
Low Temperatures, Low Interest Rates
I’ll start by saying this isn’t a guarantee. There are no certainties when it comes to economics, finances, love, lucky numbers on a lottery ticket, and pretty much life in general. Still, all we can do is look at trends and hedge our bets accordingly. Don’t worry; there is some science behind all of this. As always, all the headings are somewhat interlinked. It is a sort of holiday domino effect if you will. Holidays and colder weather mean people, by and large, postpone their house-hunting activities. This leads to a decrease in demand. Therefore, fewer loans are being taken out. As financial business declines, it’s time for those all-important incentives. Interest rates are lowered, financing becomes more favorable, and those still in the game are suddenly privy to a nice little monetary advantage. You can use those savings to call up Allstate Moving and Storage, and they’ll have you in your new home before you can say ‘pumpkin pie’!
Do the Holidays Affect Real Estate? Let’s See What Taxes Have to Say
Believe it or not, there are tax benefits to be had as we start to round off the year. Let’s say it together – this is not a guarantee. A lot depends on your financial situation. However, if you itemize deductions when you purchase a home, you could be able to save some money. Mortgage interest rates and property taxes, to name just some, could be deductible. If the house is not being bought for the sole purpose of being a home you will live in, but rather an investment asset where you will run a business, further deductions could be possible. This is a little hidden nugget that the holiday season offers.
Take Advantage of the Pretty
There is an almost indirect effect of the holidays on the real estate market. Just think about your interior. We tend to tidy up, put up beautiful decorations, and make a cozy atmosphere. One that is warm and welcoming. Almost as if you had purposefully prepared your home for an open house showing. How fortunate.
Furthermore, you can take steps to make your home even more enticing. With the interior taken care of, if you planned a little ahead, the exterior could be attractive as well. After all, this is the first thing buyers see, and first impressions are essential. If you improve the curb appeal of your Virginia home through the applications of affordable projects, there is no way any buyer will be able to resist!
Happy Holidays and Happy House Hunting!
To summarize, do the holidays affect real estate? Yes, yes, they do. Nothing has changed there. It’s just about a few nuances and understanding why this is so that you can utilize this to your advantage. After all, skipping one holiday really is worth it if it ensures you can celebrate the next twenty in your dream home. So put down that eggnog and search for the ideal home – you’ll be glad you did it!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.