Are you planning to sell your home? If the answer’s yes, you might be thinking about whether it’s best to list it now or wait until after the holidays.
At Addition Financial, our members often ask us questions related to homeownership. One of the most common questions we get at this time of year is:
“Are there reasons to list your home during the holidays?”
That’s a great question. The short answer is yes, there are some benefits to consider. Here are seven compelling reasons to list your home during the holidays.
#1: There’s Less Competition
The first good reason to list your home during the holidays is that there are usually fewer houses listed for sale in December and January than there are the rest of the year. A lot of people put their other plans on hold during the holidays and wait until after the New Year to list homes for sale. Some even pull their homes off the market for the holidays because they’ll be entertaining or traveling.
In practical terms, that means your home will stand out and you’ll have an easy time attracting motivated buyers. Anybody who’s a motivated buyer will be more likely to view your home – putting you in good shape to sell your home now.
#2: Your Home Will Be At Its Best
You might pride yourself of keeping your home neat and tidy year-round, but that doesn’t mean you don’t put in some extra effort at the holidays. A lot of people host family and friends and take pains to do extra cleaning (and decorating) when the holidays roll around.
Houses that feel homey tend to sell quickly. When your home is decorated for the holidays, and the air is filled with the festive scents of pine and cookies, there’s a good chance that buyers will fall in love with it – and make an offer.
#3: Interest Rates are Likely to Drop
When interest rates are low, it’s easier to sell a home. That’s because prospective buyers know that they can negotiate a favorable rate and an affordable mortgage payment.
As of early September 2019, there’s reason to expect that the Federal Reserve may cut interest rates at least twice more before the end of the calendar year. That means the holiday season may be the best time all year to sell your home quickly.
#4: Real Estate Agents Are Motivated
We already told you that, as a rule, there are fewer homes on the market in December than there are at other times of year. At a time of year when most of us are spending heavily, it stands to reason that real estate agents are eager to make money.
What does that mean for you? In a nutshell, it means the real estate agents in your area are likely to be highly motivated to make sales and therefore, highly motivated to get buyers in to see your home. They’ll be doing their best to get their clients to make an offer, giving you the best possible chance of selling your home.
#5: Mortgage Approvals are Speedy
There’s more than one way that the slow holiday home market can benefit sellers like you. With fewer homes listed, fewer buyers and less competition than at other times of year, there’s another good reason to list your home during the holidays: fast mortgage approvals.
At other times of year, a buyer might need to wait through a lengthy approval process to get a mortgage. During the holidays, banks and lenders aren’t as busy. That means loan and mortgage applications tend to be processed quickly and with a minimum of fuss.
#6: Buyers Are Emotional during the Holidays
The holidays are an emotional time for many of us. Buyers who are feeling nostalgic may be more likely to fall in love with a house than they would normally be – and that can work to your advantage.
One way to impact people’s emotions is by choosing warm, welcoming and natural decorations. People may respond emotionally to greenery, pine cones and other items that they associate with home and family.
#7: You May Qualify for Tax Breaks
If you’re planning on selling your home and buying a new one, listing your home during the holidays is one of the best ways to take advantage of end-of-year tax breaks.
You can deduct your mortgage interest under the 2017 tax bill, although the deduction amount is now capped at $750,000. Keep in mind that you may also be able to deduct your property tax payments, and if you buy before the end of the year and make your first tax payment, you can get the deduction in 2019.
If you want to sell your home quickly and with a minimum of stress, your best bet might be to list your home during the holidays.
In the market for a mortgage for a new home? Click here to learn about Addition Financial’s flexible mortgage options.
Posted on Oct 6, 2019
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