Selling your House During the Holiday
Season VS the Spring
DECEMBER 11th
BENEFITS TO SELLING YOUR HOME DURING THE HOLIDAYS
Many homeowners and real estate agents believe the best time to sell real estate is in the spring. After all, many people hunker down during the winter or are too busy with the holidays to think about buying a new home. Buyers often like to start shopping in the spring to make sure they are settled in their homes before the start of a new school year.
But the winter holiday season does have its benefits for home selling as well. So if you can't wait until the weather warms up to get your house on the market, you can take advantage of some of winter's unique upsides.
Lower Housing Inventory
Conventional wisdom says you should wait until the spring to get the most from a home sale. After all, there are generally more buyers in the spring with warmer weather. More competition can lead to price wars, and homes can sell faster and for higher prices than during the winter.
As a result, serious buyers won't have as many homes from which to choose, so there's more time for them to focus on yours. Furthermore, the limited range of options available to buyers means you may be able to command a higher price.
More Serious Buyers
But if your house is up for sale in the winter and someone is looking at it, chances are that person is serious and ready to buy. Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.
That Warm and Cozy Feeling
The holidays are often a time when people gather around fireplaces, drink hot chocolate, and bake cakes and cookies. Homeowners who put their houses up for sale during the winter months can take advantage of these traditions as they stage their house. You can leverage holiday decorations for both curb appeal and to create a cozy interior.
Festive Neighborhoods Are Inviting
One of the staples of the holiday months is that many people adorn their homes with festive lights and decorations. That is also true of local communities where lights, wreaths, and other holiday decorations can add charm.
People purchasing a home during that time may see the neighborhood as festive and cheerful. So they may be more willing to consider an area that they would want to live.
Year-End Job Transfers
The end of the year is typically the time when people get notified they will be moving because of a job transfer. Perhaps an offer comes through from another company that's just too good to pass up.
Those people are going to need a home sooner rather than later and, as a result, they'll be hunting for a new home during the holidays. These buyers can’t wait for spring, which is one reason why listing during the holidays can get the home sold more quickly.
End-of-Year Tax Breaks
Reducing the property tax bill may not be the main reason buyers purchase a new home, but it could be why serious buyers make a move during the holidays. That’s because buyers can deduct the mortgage interest, property taxes, and interest costs of the loan if a sale closes on or before Dec. 31.
Recent tax laws limit the deduction, but the tax benefits could still prompt a buyer to move during the holidays instead of waiting until spring.
WHY BUYERS PURCHASE A HOME DURING THE HOLIDAYS
There are certain advantages buyers have when purchasing a home during the holiday season. Here are some of those advantages:
1. Less competition
The off-season typically sees fewer buyers in the market. With many potential buyers waiting for the warmer months or the new year, you’ll likely face less competition. This means fewer offers being made leading to less bidding wars.
2. Motivated sellers
A house listed in the off-season often belongs to sellers who have more of an urgency to sell. This could be due to several reasons, such as relocating for a job, financial needs, or other life changes that makes selling their home in the off season the best or only solution. As a result, these sellers are typically more open to negotiation on terms and price.
3. better deals
Historically, home prices can be lower during the off-season, though you should check out the trends in your local housing market. With fewer buyers and motivated sellers, you might just snag a property at a lower price than you would in the peak season.
4. Faster transactions
With fewer real estate transactions taking place, lenders, inspectors, and appraisers are less busy. This can result in a smoother and faster home-buying process, allowing you to settle into your new home sooner.