The holidays are here, so is now the right time to buy and sell a home? You can successfully sell a home in the holiday season if you are careful, but keep in mind that historically, this isn’t the most lucrative time to sell. To get ahead of the traditional slump, there are some things you can do to get your home ready. Here are some tips to embrace.
You may love to go all-in for your holiday decor, but this isn’t the time to do so. Sometimes, buyers won’t celebrate the same holidays as you do, and sometimes too much decor can overwhelm them and detract from the overall appeal of your home. Also, holiday décor can add clutter that makes the home feel smaller than it is, and your goal when staging is to help it feel large and inviting. So keep things as clutter-free as possible, and add just a few small holiday touches. Consider a more petite version this year if you get a Christmas tree.
Because there are many days when the lenders will be closed between November and December, be prepared for slowdowns once you get an offer. There may not be enough lenders open to make a fast closing happen. You will need to be patient for this part of the process.
One perk to selling a home during the holiday season is the fact that the buyers you get are going to be more serious buyers. Most people will put their house shopping plans on hold until after the New Year, so when you get buyers, they are probably highly motivated. This can be a perk for sellers over the holiday season, especially when you get close to Christmas.
Conversely, if you are a buyer, the sellers interested in jumping in during the holidays are usually highly motivated sellers. This can help you in the negotiation period, as the seller won’t want to lose a qualified buyer.
Whether you’re buying or selling in the holiday season, you’re likely going to find that housing inventory is relatively low. Because this is usually a slower period, potential sellers often pull their homes or wait to list them. This fact slows the housing inventory significantly, so you will want to position yourself for success on both the buying and selling fronts accordingly. Sellers can prepare with a home that is ready to move into, and buyers can be prepared with their financing in place to make their offers more appealing.
One perk during the holiday season is that many people have extra time off of work or school. If they are looking to buy a house, this can make it easier for them to schedule a showing. If you can be available for showings quickly, then you might be able to get more interested buyers during non-traditional times. However, agents and potential buyers will understand if you want to enjoy some holiday festivities, so don’t be afraid to say “no” to a showing if you have a holiday event to enjoy.
You may be thinking that the last thing you want to do during the holidays is pack up and move. Thankfully, you can buy or sell a home now and wait to move until after the holidays. This lets buyers lock in the home they love, and sellers get a buyer lined up, giving everyone the freedom to move at a more convenient time.
Owning a home brings tax benefits to those who itemize, and closing before the first of the year lets buyers enjoy those benefits. This fact adds motivation to many buyers looking to make the purchase quickly during the holiday season to maximize their tax benefits.
No one can predict interest rates perfectly, but the holiday months tend to have lower interest rates historically than other times of the year. There are fewer financial transactions in these months, and as a result, interest rates tend to go lower. If you notice low interest rates around the holidays, consider moving into the market as a buyer to take advantage f them.
The holiday season is festive, joyful, and buys. Buying or selling a home may seem impossible, but it can be done, and done well. Henderson Properties can help, so reach out today to let us know your home buying or selling goals.