The holiday season might seem like an inconvenient or odd time to try to sell a home, but it’s actually a great idea to put your home on the market right now. There are advantages for both the buyer and seller to close on a home before the end of the year. Here are just a few of the reasons why it’s smart to try to sell during the holidays.
Less competition. Lots of sellers aim for spring and summer, during the school holidays, to try and sell their homes. It’s a seller’s market right now, and inventory is already very low. So why not give yourself that extra edge by putting your home on the market when other homeowners aren’t thinking about it?
Buyers are motivated. Buyers who are dedicated enough to get out during the holiday season and shop for homes are motivated. They’ve either just decided to move or have been shopping for a long time. In the current real estate climate, it’s not uncommon for buyers to write quite a few offers before having one accepted. Low inventory means getting into multiple offer situations more often than not, so they’ve probably missed out on a few other homes and are ready to purchase.
Relocations happen in January. The beginning of the calendar year brings about lots of job relocation. Companies tend to send their relocating employees to their new job locations just after the new year. Those buyers are seriously motivated, and they’ll be out looking now for a home to close on early next year.
Your home is at its best. Most houses look so warm and welcoming this time of year. Capitalize on the emotions many people feel when they see a home all decked out for Christmas. Keep your holiday decor classic and inviting if you’re putting your home on the market. Let buyers imagine themselves celebrating the holidays with their families in a beautiful setting.
You control the showings. Putting your house on the market doesn’t mean you have to be available at all hours every single day. You can set the schedule yourself. If a showing request coincides with your neighborhood Christmas party or family traditions, you can ask them to come at a different time. It doesn’t have to be stressful at all.
Buyers have more free time. Many people have more time off work and school to shop for homes during this time of year. Since inventory will be even lower than usual, having your home ready to go now will benefit you greatly.
Lower interest rates. Waiting until the spring or summer to list your home is a gamble. Interest rates could go up before then, which gives buyers less purchasing power, equaling fewer buyers (plus more competition).
Tax benefits. Buying before the end of the year means that new homeowners can take deductions on mortgage interest, property taxes, and points on their loans, among other items.
Statistics are in your favor. A 2013 study by Redfin found that the chance of selling a home in the winter was steady at 65%, which was actually higher than any other time of year. Homes sold from December 21st to March 21st also sold closer to the asking price than at any other time of year and spent fewer days on the market.
If you’d like some guidance in putting your home on the market this holiday season, give us a call today! We’d be happy to help.