With all the hustle and bustle of the holiday season, it wouldn’t seem like the best time to try and sell a house. But it could actually be a good time to list a home for sale. Here are a few benefits to selling a house during the holidays.
Buyers are More Motivated
Buyers who are shopping during the winter months tend to be more serious about purchasing a new home. That’s because a lot of the time a life event, such as a job relocation or change in financial situation, is driving the need to house shop during this time of year. Few people are going to volunteer to house hunt when so much else is going on.
Also, the focus on family during the holidays is a big motivator for home buyers who are running off of emotions. They are often thinking about the past and the future, envisioning themselves in a home where they can raise their families and host holiday celebrations.
There is Less Competition
There tends to be less competition in the real estate market during the winter months because fewer people try to sell their homes during the holiday season. Most want to avoid compounding the stresses of the holidays with the anxieties of selling a house. This leaves home buyers with fewer housing options from which to choose a new home, improving the seller’s chances of selling.
Sellers may also be able to secure a better price for their homes when there are less homes on the market to compete with.
Buyers Can Capitalize on End-of-Year Tax Benefits
Another motivation for buyers to shop during the holiday season is tax benefits. Some people in the market look to buy a home during the holidays to take advantage of end-of-year tax breaks, including mortgage interest deductions, private mortgage insurance premiums deductions, loan interest cost deductions, and tax credits for real estate taxes.
Sales Often Close More Quickly
Because there are typically fewer sales at the end of the year, lenders are less busy during the holiday season. This means buyers can usually get their loans approved more quickly than at other times of the year, which means faster closings.
Homes Shine During the Holidays
Holiday home decorations are a benefit to sellers because houses look their best when decorated for the holidays. Decorating the inside and outside of the home in keeping with the season evokes warm and cozy feelings for buyers, as long as the decorations don’t go to extremes. And sellers don’t have to make the extra effort to stage as they were already planning to decorate.
The same is true of neighborhoods. They can look especially appealing to buyers driving down streets lit up with holiday lights and decorations. And, joining a neighborhood that celebrates the season is a motivator for a lot of buyers, especially those with young children.
So while it may seem anti-intuitive to try and sell a home during the chaos of the holiday season, there are actually a number of benefits to listing your home during the holidays.