During the crazy year that is 2020 the Holiday season may be an even better time than usual to list your home. As we careen at warp speed from Thanksgiving, Christmas, and all of the joyous (read: stressful) festivities in between, you might be tempted to take your home off the market—or hold off on listing it—until after the new year. After all, you’re swamped with cooking, shopping, and decorating, and the last thing you need is a bunch of potential buyers traipsing through your house, right?
Conventional wisdom says people should wait until the spring to get the most from a home sale. After all, inventory normally picks up in the spring when the weather starts to get warmer. This often leads to price wars breaking out in coveted neighborhoods. A home in a great area with a lot of potential buyers can sit on the market for just a few weeks or, in some cases, even days.
But that’s not the 2020 market we are in. Due to a delayed selling season with Covid and an unprecedented lack of inventory we are seeing Bidding Wars and multiple offers abound.
In fact, there are plenty of homes listed around the holidays that may command more money, especially if the inventory is limited. If you play your cards right, you may even be able to sell your home quicker than ones listed in the spring. One of the reasons is the lack of competition during the holidays. There are so many different reasons why people won’t list their houses just before or during the holidays—some don't want people tracking in snow and dirt during each showing while others just want to relegate the holidays to family time.
So, while it’s true the market is slower around the holidays, it’s also an excellent time to put your house up for sale. The market is slower mostly because fewer sellers are listing, but meanwhile buyers are sitting around with pre-approval letter in-hand just starving for inventory!
Simply put; It’s a huge, huge mistake to either remove your home from the market during the holiday season, or to not put your home on the market if you're getting ready to sell.
Why? The first reason is painfully obvious: Your house can't actually sell if it’s off the market!
In fact, this time of year can actually be ideal for selling. Just like the 12 Days of Christmas, here’s 12 reasons selling your house during the holidays is an excellent idea:
- People who look at your home over the holidays are serious buyers.
- Serious buyers have fewer homes to choose from over the holidays as most sellers take their homes off the market. That means less competition for you and more money for you.
- Since the supply of homes will drastically increase in January, they’ll be less demand for your particular home. Less demand means less money.
- Houses show better when they’re decorated over the holidays.
- Buyers are more emotional during the holidays and tend to spend more money on getting your price.
- Buyers have more time to look over the holidays and can come during the weekdays.
- Some people must buy before the end of the year for tax reasons.
- January is traditionally a month where employers have to move so they can’t wait until springtime. They have to buy now so you’re there to capture that market.
- You can still be on the market and you can have the option to delay your close or restrict your showings during those six or seven days if you want to celebrate the holidays.
- You can sell now for more money and provide a way for you to delay that closing and extend your occupancy until next year.
- Statistics show that people tend to be more generous a more forgiving during the home inspection process over the Holidays and ask for fewer concessions which can equate to $thousands more in your pocket.
- By selling now, you have the opportunity to be a non-contingent buyer for next year when houses are less and you’ll have more opportunities to choose from.
Posted by Cary W Porter on