Wednesday, December 9, 2020 / by Teresa Dipeso
When it comes to real estate, the ideal time to sell your home often falls in the spring months. After all, many people hunker down during the winter months or are too busy with the holidays to think about purchasing a new home. Not to mention that people like to start shopping in the spring to make sure they are settled in their home before the start of a new school year. But putting your house up for sale around the holidays has its benefits, granted you position your home right. Sure you may not get into a bidding war, but you are going to deal with serious buyers who are ready to pull the trigger.
There’s Less Inventory
Conventional wisdom says people should wait until the spring to get the most from a home sale. But studies have shown that homes listed around the holidays can not only command more money, but can also sell quicker than ones listed in the spring. One of the reasons is there is less competition during the holidays. Buyers are just waiting around for homes to be listed and for a multitude of reasons, people won’t put their houses up for sale when the holidays are coming up, and so the ones shopping aren’t going to have dozens of houses to choose from. In the spring, inventory usually picks up, and price wars break out in coveted neighborhoods. But during the holidays, there will be limited choices which means a homeowner can have a higher asking price.
Buyers Are More Serious
Anyone who is shopping for a new home around Thanksgiving, Christmas or New Year’s is undoubtedly going to be a serious buyer. While hitting open houses is a favorite pastime for many Americans, they aren’t going to spend their precious time around the holidays seeing how the other half lives. In the spring, when open houses are a regular occurrence, people may check out homes without a clear plan to buy. If your house is up for sale in the winter and someone is looking at it, chances are that person is serious and is ready to pull the trigger. That can often result in a quicker sales process.
You Can Make the Home Warm and Cozy
The holidays are often a time when people gather around fireplaces, have hot chocolate and make nice smelling cakes and pies. For homeowners who put their house up for sale during the winter months, they can stage their house to give off the comfy and homey vibe that appeals to many home buyers. Some people may argue that showing a house in the winter is hard to do because there’s snow on the ground, the house is drafty and the curb appeal is lacking. But keeping the heat up, having a pie baking in the oven to give off a pleasant smell and keeping the sidewalk and driveway clear of snow and ice can boost a home’s appeal. Not to mention that buyers tend to be more emotional during the holidays and will make decisions based on the feeling a house conjures up. During the spring there is a lot more foot traffic in homes that are up for sale. Buyers may not be able to do a thorough walk-through, may get frustrated because of the number of people looking at it and can leave with a bad feeling about the home.
Timing Is Perfect for Transfers
The end of the year is typically the time when people get notified that they will be moving because of a job transfer. Those people are going to need a house sooner rather than later, and as a result will be hunting for a new home during the holidays. These buyers can’t wait for the spring, which is why listing during the holidays can get the home sold and sold quickly.
Your Neighborhood May Look More Appealing
One of the staples of the holiday months, particularly Christmas, is that many people adorn their homes with festive lights and decorations. That is also true of local communities where lit-up snowflakes and wreaths can be found on lamp poles and up and down the main streets. People purchasing a home during that time may see the neighborhood in a different light and may be more willing to consider an area that they may have been on the fence about.
End-of-Year Tax Breaks
Reducing the tax bill is not the main reason buyers purchase a new home, but it could be the reason serious buyers make a move during the holidays. That’s because if the home sale closes before Dec. 31, buyers can deduct the mortgage interest, property taxes and interest costs of the loan. The tax deductions can be significant and could prompt a home buyer to move during the holidays instead of waiting until the spring.
The Bottom Line
Nobody wants their home to languish on the market nor do they want to have to lower the price they are asking for. And while many fear that will happen if they list their home during the holidays, often that isn’t the case. When you sell your home during the holidays, you will face less competition, more serious buyers and a quicker sales process. It also presents a unique opportunities to create a warm and cozy environment that you can’t have in the spring or summer months.