Conventional wisdom states selling or buying a home during the holiday season — that period from Thanksgiving week to New Year’s Day — is a bad financial decision. (And one that should be avoided, if possible.)
But conventional wisdom is just that, conventional. And while the famous Latin proverb “Fortune favors the bold” may not have been written about real estate — though one can’t be entirely sure — the sentiment still holds true when it comes to the selling of property during the holidays.
By being bold and going against conventional wisdom — by selling or buying a home during the colder, winter months of the holidays — you can unearth lucrative opportunities that would be difficult to find the rest of the year. (And perhaps secure a tidy profit for yourself before the holiday ham goes in the oven.)
So, whether you’re a real estate investor, a homeowner looking to upgrade your current residence, or a house hunter searching for that dream home, here are five reasons to buy or sell a home during the holidays:
1. Quality Buyers
People who are looking at properties during the holidays are serious about finding a home! While there may be fewer buyers out there, the ones who are looking are ready and willing to buy. Quality is better than quantity!
2. Less Competition
Starting mid-November, you see several homes pulling off the market. This means less competition for sellers and buyers. This allows buyers time to make a decisive decision and less pressure with multiple offers, etc. For sellers, once we get into 2023, the supply of homes will go back up. More inventory can mean longer days on market and possibly less $ for your home.
3. Get Ahead for 2023
If you need to sell your home in order to buy, selling soon (and possibly renting) gives you the opportunity as a buyer to have no contingencies when you're ready to purchase in early 2023. No contingencies mean you could buy a new home outright, without having to sell your home first.
4. Picture Perfect
Holiday decor can bring out the best in a home and invite buyers in! Your home will show and smell beautifully. The holiday landscape also provides gorgeous curb appeal. Plus, the holidays can provide that emotional connection to a home that will help a buyer feel more compelled to write and offer (and possibly pay more).
5. Flexible Time
While your first thought might be that people (including you) are too busy during the holidays to look at homes, actually people may have a less demanding schedule during the holiday season or extra days off work. Plus, there could be several relocating buyers, who only have this short time to find a home. Don't worry as a seller you can still control when you will allow showings!
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out to us. We’re here to help!