When it comes to real estate, the ideal time to sell your home often falls in the spring months. After all, many people don’t do much during the winter months or are too busy with the holidays to think about purchasing a new home. And don’t forget, people like to start shopping in the spring to make sure they are settled in their home before the start of a new school year.
But what if you can’t wait until the weather warms up to get your house on the market? Should you consider putting your house up for sale around the holidays?
It may not seem like the most ideal time, but the holiday season does have its benefits, provided you position your home in just the right way. You might not get in the middle of a bidding war, however you are going to deal with serious buyers who are ready to close a deal. Here are six reasons why the holidays are a good time to sell a house.
There’s Less Housing Inventory During Winter
Conventional wisdom says people should wait until the spring to get the most from a home sale. After all, inventory normally picks up in the spring as the weather gets warmer. This often leads to price wars breaking out in coveted neighbourhoods. A home in a great area with a lot of potential buyers can sit on the market for just a few weeks or, in some cases, even days.
Winter Buyers Are More Serious
Most open houses take place during the spring and early summer. It isn’t unusual to see people saunter into a property without a clear plan to buy. People often check out homes just for the sake of looking. After all, hitting open houses is a favourite pastime for many Toronto and Greater Toronto Area based homeowners & potential buyers.
That Warm and Cozy Feeling
The holidays are often a time when people gather around fireplaces, drink hot chocolate, and bake cakes and cookies. Homeowners who put their houses up for sale during the winter months can stage their house to give off the comfy and homey vibe that appeals to many buyers.
Some people may argue that showing a house in the winter is hard to do because there’s snow on the ground, the house is drafty, and the curb appeal is lacking. But turning the heat up, having a yummy treat in the oven, and keeping the sidewalk and driveway clear of snow and ice can boost a home’s appeal.
Festive Neighbourhoods Are Inviting
One of the staples of the holiday months is that many people adorn their homes with festive lights and decorations. That is also true of local communities where lit-up snowflakes and wreaths can be found on lampposts up and down the main streets.
People purchasing a home during that time may see the neighbourhood in a different light—more festive and cheerful—and may be more willing to consider an area that they may have been on the fence about.
Year-End Job Transfers
As Employees transition back to work in-person, after Covid-19, another good reason is timing. The end of the year is typically the time when people get notified, they will be moving because of a job transfer, or perhaps an offer comes through from another company that’s just too good to pass up.
Those people are going to need a home sooner rather than later and, as a result, they’ll be hunting for a new home during the holidays. These home buyers can’t wait for spring. Therefore, listing during the holidays can get the home sold quickly.
End-of-Year Tax Breaks
Reducing the property tax bill may not be the main reason buyers purchase a new home, but it could be why serious buyers make a move during the holidays. That’s because home buyers can deduct the mortgage interest, property taxes, and interest costs of the mortgage if a sale closes on or before December 31. Tax laws may limit the deduction, of course, however the tax benefits could still prompt a buyer to move during the holidays instead of waiting until spring.