Should buying (or selling) a home be on your Christmas list?
Tue, 22 Oct 2013 03:41:23 GMT —
David Fasciano, a New England native, bought his first condo in Myrtle Beach in 2009 around Thanksgiving.
"It was a fabulous price, and I watched the next year the prices go up during the summer, and I said, 'Well, I'm glad I bought it last November,'" Fasciano said.
In 2012, he bought a second condominium toward the end of the year.
Radha Herring, a broker at Watermark Real Estate Group, explained why property buyers like Fasciano wait until November and December to buy.
"We see the buyers come out and shop for these properties mainly because there is inventory. There are a lot of buildings, where in the summer, sellers are not as likely to put their properties on the market, because they are still collecting high revenues each month from rental income. So, they are going to wait until all of that is over before they elect to put their properties on the market," Herring said.
Herring adds that an increase in inventory tends to drive down the costs of these properties.
However, condominium buyers aren't the only ones who can take advantage of the real estate market at the end of the year.
"It's a great time for sellers in the fourth quarter on the oceanfront condo product mainly because they've collected all of their revenue. Seventy percent of condominiums' revenue comes from Memorial Day to Labor Day, so if they've collected that throughout the year, then this is their opportunity to go ahead and sell their product," Herring said.
In addition, there are perks for people looking to sell homes rather than condominiums.
Ultimately, Herring said people shouldn't be discouraged to put their house on the market around the holidays.
She said there are some perks for doing so in our area, because Myrtle Beach is a tourism-driven city. Since the area attracts people from across the country all year, there are more opportunities for those who sell to have their property seen.
Plus, Herring said home buyers can benefit because sellers may be willing to close on a house sooner and for lower than their asking price, whether it be for personal or financial reasons.