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| Picture courtesy of Chicago Agent Magazine |
It is a common perception that listing your home during the holidays will make it a much more difficult process compared to the summer months where historically, more movement in the Real Estate market happens. However, there are some distinct advantages to listing during the slow holiday season.
1) Low Supply, High Demand
However, as the market begins to become largely saturated at that time with the sudden influx of new listings, there will be less demand for each individual home as the supply takes a drastic increase. Therefore, by listing at a time when the market is slow and there is not much inventory during the holidays, scarcity can work in your favor by increasing the demand for your home, helping you get a better price for your property.
2) Buyer Commitment
The most serious and committed buyers search right through the holiday season. They are often motivated by a deadline or an unexpected change in their careers or housing situation. Therefore, a great time to find these motivated and committed buyers is in December, where their pressing needs do not take a holiday. If they take a liking to your home, they will be more likely to pay a higher price for it to ensure they can find a place to live as fast as they can, whereas a non-committed buyer may not be pressed for time and try to negotiate a lower price over a longer period.
Buyers will also have more time during the week to research areas, search for homes and view your property while they are off from work for the holidays.
3) Emotions Could Drive a Sale
The holidays are a very joyous occasion. Many prospective home buyers have their perfect idea of a home in mind, and being able to experience the neighborhood and the home during the holidays will help them imagine their own family in that setting during the holiday season. With a few decorations and a warmer feel for the neighborhood, home buyers could feel a stronger emotional connection to the home, driving a sale.
4) Tax Advantages
Purchasing a home before the end of the year allows buyers to deduct property taxes, mortgage interest and loan points on their tax return. This could be a pressing point for a buyer who is keen to save money on their taxes.
This also helps the sale move along quickly as these buyers will be eager to close on the sale before the New Year when they can no longer take advantage of these tax breaks, therefore reducing the amount of time spent negotiating and facilitating for an easier agreement.
5) If You're Travelling, Less Hassle
If you travel for the holidays, your agent can show your home without having to schedule times for your family to vacate. This can prove to be much easier for families who want the freedom to enjoy their home while the house is on the market. For those who stay home on the holidays, you can restrict your showings to specific times and dates around your schedule to ensure minimal interruptions for you and your family.
6) Sell High, Buy Low
Because demand is high during the holiday season, those who are able to sell their home are more likely to garner top dollar from the committed buyers. This can prove to be a big advantage when looking forward to the purchase of your next home.
After the holiday season, when most homes are pushed out and inventory becomes abundant, you will have an advantage over other buyers who have not yet sold their home and would need to do so before purchasing any of the properties out on the market. By being one step ahead of the competition, you can qualify for the opportunity to be a non-contingent buyer, which will appeal to sellers and give you a chance to buy your next home at a lower price. Coupled with the fact that demand will lower with more inventory, having the ability to purchase a home without having to wait on the sale of your own home can provide huge savings, and ensure your family is able to gain an upper hand in the negotiation to ensure you don't lose out on your next dream home.
These are all things to keep in mind when considering whether to list your home during the holidays or wait until the New Year. No matter the decision you make, ensure you are working with a top Realtor who can provide a strategic plan to get your home on the market and sold for the best price.
