2. Should I keep my property on the real estate market or do I take it off?
In the past it was believed that you shouldn’t try to sell a home during the holidays. However, thanks to the internet, hectic lifestyles, as well as supply and demand; this tradition has evolved. If you choose to sell or not sell at the end of the year, it has to do with your particular situation and market conditions.
In general, here are a few REAL ESTATE MYTH BUSTERS for the holiday season:
1. Life is too hectic to shop for a home in the Winter Holiday Season.
In the past most home buyers felt that the holidays were too hectic for home shopping. The perception was 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 far from the complete picture. There has been a 24% increase in home volume sales since 2014 during the months of October- December. According to the National Association of Realtors, 90% of home buyers first start their search on line. As technology advances, which allows for easy access to information through smart watches, smart phones, etc. searching for homes and selecting communities that fit buyer needs reduces the limitations usually set during the holiday season.Traditional buying and selling seasons have evolved as a result of instant, ubiquitous access to property listings. Some Buyers have accrued vacation hours and therefore have more time dedicated during the holidays to look for their new home.
2. The inventory — and the competition — is usually lighter during the holidays.
The proof is in the numbers: Beginning of fall season the number of homes sold has increased 13% from 2014 to 2015 (according to the Tallahassee board of realtors sold statistics). That is a total of 329 homes sold from the previous year homes sales of 292. This was not the case in 2014 when the average number of homes sold starting the fall months; October-January, decreased from 2013 by -13%. The total homes sold by the beginning of September was 296 in 2014 which is a decrease from 2013 total homes sold coming in at 342. Therefore the trend of inventory & competition WAS a thing of the past and the myth has been BUSTED for 2015.
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, more realistic price. Ekk & Hamilton Realty will help you get your house sold with an average of 34% FASTER than the average days on market of 127 days in 2014.
4. Is it a good 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 beach side properties, purchasing during what is considered the low season allows for optimum purchase power. The majority of sellers are motivated at the beach to sell because they are not generating as much income in the off season compared to weekly high seasonal rental months. Buyers can buy a property that has potential future income already on the books for the upcoming high seasonal months.
5. January is the most popular 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 of your new home. www.LiveInHeritageOaks.com
6. Homes for sale during the holiday season are usually filled with season’s greetings and inciting decor which allow future home owners to place themselves mentally in the home.
If you’re considering shopping this holiday season or even putting your home on the market for sale, this is a great time to speak with a Proactive Real Estate Advisor, Financial Advisor or Tax Accountant for end of the year real estate purchases that may have great tax benefits.