One of the many questions that most home sellers have during selling their homes in holidays have; Is this the right time to sell my home during the holidays? They will follow up that question with is it better to wait until after the New Year or Spring time. There is no clear answer as everyone’s personal circumstances are different.
Selling a home during the holidays however, was once something that very few people did. The argument was that there were less buyers during the busy holiday season, so sellers might as well wait until there were more people available to look at the house. But times have changed, and in many cases it can be just as effective, to list your home during the holiday season. Although there can be some drawbacks, you may be facing less competition and have an easier time making a sale.
If you decide to make the leap, understanding these winter home selling tips will become important. You will want to take a look at some of the best tips for selling in the winter season. With Thanksgiving and Christmas just around the corner these tips will become helpful if you decide to take the leap.
The Busiest Time Of The Year: There is no denying that the holiday season can be a busy one in our personal lives. The increased social demands, the dinners and the parties, not to mention the gift giving and traveling – all of these can make the holiday season hectic for many households. The busiest time of year does not really seem at first glance to be a great time of year to sell a home. Who will have time to look at houses and go through the mortgage lending process during the holidays?
Well, the answer may surprise you. A lot of potential buyers are primed to buy a home during the holidays. They do a large portion of their house hunting online anyway, so they are able to locate potential properties more quickly. The fact that they are still looking in spite of the increased demands of the season also indicates that they are probably more motivated to buy.
The Best Kind Of Buyer: If you are willing to go through the extra work to put your house up during the holidays, you may be rewarded with the kind of buyers every seller wants to attract. The old way of doing things, of waiting to list a home until January, is quite prevalent still. A large portion of sellers will even wait until Spring to list their home for sale. The thinking being this is the absolute best time. When these motivated buyers go looking for homes during the holidays, there will be less housing stock to choose from. This makes it more likely that buyers will check out your home. Holiday buyers are also going to be caught up in the season, where emotions are running high and where they are thinking of the past, and more importantly, the future. Buyers can often be more enthusiastic about purchasing things when they are emotional, as the retail sales records around during the holidays demonstrates. Where they may have been a little more hesitant to make a purchase before, during the holidays they may be the opposite – more likely to make a purchase, just because it makes them feel good.
The fact that buyers are often thinking of family during the holidays can also motivate them to purchase homes that they can see raising a family, or having family over for the holiday season. These motivations can lead to purchasing a bigger home than they may otherwise have. Keep in mind that anyone looking at purchasing a home during the holidays is more than likely very serious.
Faster Sales: One additional benefit of selling during the holidays is that buyers can usually get their loans approved much more quickly than they would during the Spring or Summer markets, when everyone starts selling again. Lenders are less busy during the holiday season because, again, there are just not as many home sales happening. They can usually process the loan faster, which means you can get the money you need for your home, and possibly for the purchase of your next home, much faster. This is the perfect time to shop for the lowest mortgage interest rate possible. There will be mortgage officers who will love to put a loan together to get one last deal under their belt for the year!
Tax Benefits: Smart home buyers are looking for any break they can get, which can make buying at the end of the year particularly beneficial. The buyers that are looking during the holidays are probably aware that they can write off some of the expenses of the home purchase on their taxes. There are usually a number of tax benefits of owning a home they can take advantage of, including deductions for mortgage interest, private mortgage insurance premiums (PMI) and tax credits for real estate taxes. The possible tax benefits may also increase the buyer’s motivation to get a house bought before the New Year.
Homes Look Their Best During The Holidays: There is nothing like winter to make a house really look like a home. A fire in the hearth, cookies baking, holiday decorations – all of these can be played up to appeal to the buyer’s senses. The holidays can draw in buyers and make them feel like they could live in your home, that they could have their own warm and cozy holiday season. Remember to make sure your home has a comfortable atmosphere including turning up the thermostats a bit before the showing. While it is always good to follow sound energy savings tips for your home, keeping the thermostat down could lead to a less than stellar showing environment.
Be Prepared For Your Next Move: When selling during the holidays you need to have the mindset that someone may come along and want a quick close. Your stress levels will go through the roof when you have not planned well.
Selling For More Or Less: There is no way to tell if your home will sell for more or less than it would outside of the holiday season. There is the argument that because there are less houses to choose from, that you could get closer to your asking price due to a less saturated market. But you will also be dealing with less demand, as there will not be as many people looking for homes.
Research does not indicate that home sale prices are connected to seasons, so your results may vary. There is no reason why you shouldn’t be able to sell your home for a good price relative to the current market, however. Hire a local real estate expert here that is familiar with selling homes during the holidays. Every market is different so you should consult with a local professional who will give you the best advice whether that is selling during the holidays or waiting until Spring.