Yep, we are right in the middle of it, but if you are waiting until after the holidays, it’s not a bad idea to sieze the moment. Here’s why….
Many sellers take their homes off the market for the holidays and buyers who have been out looking all year may take the rest of the year off. So why would it be a great time to buy or sell if there are fewer buyers and sellers in the market? For a lot of reasons:
Less competition for both buyers and sellers – Less competition benefits both buyers and sellers. Fewer homes on the market means homes that are listed will be noticed by buyers (which is great for sellers!). And with fewer buyers in the market, that means less competition for those homes (which is great for buyers!). Especially in markets with very high buyer demand coupled with multiple offers, a holiday lull may be just the break that buyers need to make an offer and get a house under contract.
Motivated buyers and sellers – People who buy or sell during the holidays have a different mindset. They aren’t looky-loos or sellers just trying to test the market. Buyers and sellers have a goal and are serious about the process. Take a look at it from both sides: if you are a seller, wouldn’t you want to work with a buyer who is pre-approved, knows what market price is and ready to buy? If you are a buyer, wouldn’t you prefer to work with a seller who has priced their home at market and is ready to negotiate?
Buyers are pressed for time – Searching for homes can take a lot of time! But competition for that time from other holiday activities means that home searches are usually much more efficient and buyers are ready to make a decision quicker. Both sides may be less willing to drag negotiations out for fear of interfering with holiday plans.
Getting your next move squared away before the end of the year – The looming New Year’s date is often a great motivator on both sides as people want to have their plan in place before the calendar changes to a new year.
Holiday décor – Some homes show best when all decked out for the holidays! Full of light and greenery, homes that exude coziness can really stand out to nostalgic and motivated homebuyers.
Everyone is motivated to close – From lenders, inspectors, closers and more, getting your transaction done by the end of the year (if possible and as per the purchase and sale agreement) is important to all involved! And, with fewer transactions competing for their time, the fewer hang-ups there may be!
However, buying or selling during the holidays does take strategy which needs to begin as soon as possible. Are you thinking about making a move? Let’s talk and make a plan! Contact us here. We will take a closer look at your market opportunities and outline a plan to achieve your goals and timeline.