Everyone has their own traditions when it comes to celebrating the holidays- it could be visiting family in another state for Christmas, going to the beach on Independence Day, or spending time with loved ones around a crowded table on Thanksgiving. Whatever your traditions are, you might want to consider including house-hunting on your to-do list for the holiday seasons. This might not apply for every holiday, but real estate markets do strange things during the holidays, and you’ll want to educate yourself on the best time to buy or sell ahead of time.
Here are some major trends surrounding real estate and the holiday seasons:
Traffic Slows on Thanksgiving
In Hawaii, the amount of people house hunting on Thanksgiving only dips by 10% compared to the average for that quarter, but in New Hampshire, traffic is down by almost 60%. By the Saturday after Thanksgiving, across the board, house-hunting traffic is back to normal- so don’t feel bad about taking a few days off.
While buyers typically rest up on Thanksgiving, the same is true for sellers. On the average Thanksgiving weekend, the number of scheduled open houses only hits 6% of those from the last weekend. If you do find yourself in the market for selling a home, doing so the weekend after Thanksgiving will likely pull in dedicated, serious buyers (which should be your target demographic).
The True Black Friday: December 28th
One of the busiest days of the year for real estate searches, surprisingly enough, is December 28th. When people are over the holiday hump but are still on break, they tend to find themselves in a great place to look for a dream home. This same line of logic explains why there’s such a surge in real estate activity on New Year’s Day. It’s also possible that buying a house is a popular New Year’s resolution, though it’s tough to know for sure. December 24th, meanwhile, is the single slowest day of the year.
July 6th is a Great Day for Buying
Instead of traveling, many would-be buyers find themselves using the long weekend after Independence Day to search for homes in the height of the buying season. For this reason, July 6th is one of the best-performing days of the year for the real estate market. If you’re looking to sell your home, having an open house on the 6th will likely lead to high traffic.
The Best Overall Market: Spring
The Spring market typically has the best combination of value and inventory, since more homes have gone on the market but prices haven’t thawed yet (along with the flowers). If you’re unable to buy or sell your home in the Spring, however, consider doing so in the Fall, specifically in early September. Buyers tend to act in patterns, and when they’re not constrained by school schedules or job transfers, they’ll typically find more time to look for houses.
Valentine’s Day is Slow
Ignoring family-oriented holidays, one of the worst days of the year for real estate is Valentine’s Day. If your significant other wants to take you out for a romantic dinner, as an example, it’ll be tough to get out of it by explaining your set plans to browse through photos of homes in the area.
Source: Realtor