Traditionally, selling a house during the holidays, which is usually defined as between Thanksgiving and New Year’s Day, has been considered a bad idea. But, according to Eric Andrews’ latest YouTube video, with the hot market right now, you may actually be able to sell your house faster and at a higher price if you put it up for sale during this normally slow time of the year. Here’s why.
Low Inventory Means Higher Sales
Since most people want to stay put during the holidays and plan to move either before Thanksgiving or after January 1, there is a dearth of available properties in the month between Thanksgiving and New Year’s Day. The low inventory means that people who are looking to buy during this time have fewer options and are often willing to pay higher prices for a property than they might at other times of the year. It’s a simple matter of supply and demand.
While you might not end up with a bidding war because there are fewer buyers during the holidays as well as fewer sellers, the buyers who are looking to purchase are serious and will usually make higher offers to get the property they want. The people who want or have to buy a house during the holidays are not out there just looking around. They want to buy and won’t waste your time.
Perfect Staging Opportunities
The holiday season presents home sellers with the perfect opportunities to stage their home to make it look nostalgic for Christmas or other seasonal holidays. Remember that when you’re trying to sell a home, you are actually selling the idea of living in the house. People tend to be more emotional during the holidays, which is excellent news if you’re looking to sell a house. Giving your home a cozy, warm feeling, complete with hot cocoa and fresh-baked cookies can really play to a buyer’s emotional side and may impact their decision.
People who are looking to buy a house during the holidays usually have a pressing reason to do so. Perhaps they’re getting a job transfer that is taking place at the beginning of the new year and they want to have a house in place before they start their new job. Or maybe they want to lower their tax bill for the year by purchasing a house before December 31 that allows them to deduct the mortgage interest, property taxes, and interest costs. Some people need to make an investment for the same reasons or they’ll get stuck with a huge tax bill in the new year.
Whatever the reason, if your house is on the market during the holidays, you’re likely to come across one of these buyers where the timing makes it necessary for them to buy a house and do it quickly. Advantage: seller.
Selling a house during the holidays used to be on every realtor’s “don’t” list, but not anymore. In today’s market, with today’s buyer incentives, selling a house between Thanksgiving and the new year can actually be a boon for sellers. Just make sure you choose a real estate agent with experience selling homes during this time of year to make sure you have a realistic plan in place.