This year has brought one of the craziest housing markets in history. Demand is high and the amount of inventory just can't keep up with the sudden influx of demand. This has left sellers reaping the benefits of a sellers market and buyers fatigued. Buyers are tempted to take a break from house hunting and multiple offers during the holidays; and sellers want to enjoy the peace and quiet before allowing strangers to walk into their home. Trust me, I get it.
While waiting until after the holidays is tempting for both buyers and sellers, there's a lot of reasons why it is a great time for either side of the transaction.
Buyers are Serious
Everyone wants a new home for the holidays. Buyers have been putting in offer after offer for months in this competitive market. If a buyer is willing to spend their Saturdays walking through your home instead of taking their kids to see Santa or baking cookies with their family they must want to purchase a home and purchase YOUR home. While the amount of showings you may have may be lower than other seasons, every person that walks through the door is going to be a serious buyer. Quality is better than Quantity any day.
It's a sellers market and homeowners know that. Why would you want to put your home in the market during the holidays when you don't have to? Because everyone else has the same mindset, and you're missing an opportunity to be the only house in the neighborhood with a for sale sign in the yard. Buyers are going to be less picky when you're the only house on the market that meets their criteria. You're more likely to get stronger offers and less requests for repairs. The number of listings will increase after the holidays, so now is the time to list!
Your House Looks Pretty
The best way to sell your home is to make buyers picture themselves living there. There are so many different holidays celebrated this time of year and it is important for sellers to keep that in mind. Icicle lights and a stunning Christmas tree in the window might deter some buyers, but others will be picturing their kids stockings on the mantle and opening presents by the tree. Don't go overboard with the holiday decor (I'm talking to you with the 18ft inflatable Santa in the yard) but simple and clean holiday decor could be a selling point for your home, especially if your home looks a little plain during the rest of the year.
While there are fewer homes on the market during the holiday season, there's also plenty of buyers who need a break. Buyers have had a hard year and you've probably submitted a dozen offers by now, but don't give up. By buying a home during the slow season, you might be competing with 5 other offers instead of 25. Keep going, it's worth it!
There are so many moving parts in a real estate transaction. There's realtors, appraisers, lenders, attorneys, and inspectors, just to name a few. While the housing market is slow, so is business. What might take a vendor 30 days in June might only take 2 weeks in December. It is worth communication with all your vendors to see if you can get to the closing table faster. Not only will this make your offer more competitive to some sellers, but it gets you in a home quicker.
I can't give tax advice, but there are tax breaks for buying a home. Talk with your accountant about how buying a home in 2021 can affect your 2021 tax returns. You might be surprised!
If the past two years have taught us anything, it's that nothing in life is predictable - including the economy. While we can't be 100% certain what the economy will do in the upcoming years, we do know that interest rates are still historically low and home prices are expected to continue rising. Taking advantage of low interest rates saves you some serious money and evens out how inflated home prices have become. Now is a great time to crunch the numbers with your lender see just how beneficial a low interest rate can be.