Should you sell your home during the holidays?
Ask any Realtor and they will tell you that the busiest time of the year for showing and selling homes is springtime, when the weather is nice and houses and yards looks their best. Like many other businesses, the real estate industry is somewhat seasonal. Property transactions take place all year ‘round, but the winter months are typically slower – if for no other reason than it is more uncomfortable to house hunt when there is snow and ice on the ground.
And during the year-end holidays, when most of us want to spend time with family and friends, homebuyers tend to do likewise. If buyers do have time to shop during December, for example, they are more inclined to go to the mall than to their neighborhood real estate office or model home open house. And buying a home means moving. Nobody wants to face the task of packing up and clearing out to move into a new house while they are in the middle of holiday celebrations and entertaining at their current home. Instead of stuffing boxes with dishes and bubble wrap, most folks prefer to stuff the turkey – or stuff themselves on holiday treats – and save the whole process of relocation until the new year. As the kids return to school and life returns to normal, people again set their sights on real estate.
But in the meantime, as the holiday spirit inspires stay-at-home events, it is not recommended that you open your house for buyers to schedule appointments and tour it. A better suggestion is to use the time to enhance your marketing plan, spruce things up, repair those leaky faucets, and eliminate the post-holiday clutter.
Here are five holiday tips of the home seller:
It’s wintertime, so chill!
Packing up, selling a home, and relocating all rank on the top of the stress lists of psychological studies. And ironic as it may seem, the Christmas holiday season is another big contributor to stress for those living in the USA. While there is a lull in the real estate action – and you have a chance to catch your breath – call your Realtor and postpone appointments to show your house for a few days or a couple of weeks.Do your homework on the competition
Research recent listings, sales, and other activity in your local real estate market, to find out where your property stands in comparison to other homes in the neighborhood. Study the time on the market of other properties, to see if the amount of time it takes to find a buyer has changed. Analyze prices based on square footage and on the condition of the houses and their amenities. This kind of homework can give you facts to help you price your home strategically, and can help you take your emotions and mental guessing games out of the process and be more objective and realistic.Make any necessary repairs and improvements
While everyone is busy with holiday party planning, take care of cosmetic repairs or minor house maintenance projects that need to be done. Clean out the closets and gutters, fix the broken doorknobs, and paint that drab bathroom or kitchen. Spend your time and money where it will have the most immediate impact in terms of cosmetic appeal, so that you can add equity without going overboard on your budget.Update your market calendar
If your house is actively listed for sale, you should be proactively involved in marketing it. Maybe you need to schedule a weekend open house, a change in the price, or a newspaper advertising campaign. Use the slow time in the real estate sales market to plan ahead, and you’ll have an advantage when the buyers begin house hunting after the holidays.Consider your options
Lay out options for refinancing or other contingencies that allow you to take advantage of your property and the alternatives available to you. The more options we have, the more liberated we feel. And when prepping a house to sell, you never want to paint yourself into a corner – literally or figuratively.