Think buying or selling a home during the holidays is a no-go? Local REALTOR®, Elizabeth Faulkner is here to say, “Think Again!”
Yes, You CAN Sell a Home During the Holidays
Fewer homes on the market mean less competition for you! Many sellers will opt to wait until after the holidays or spring to sell a home. Which means there aren’t as many homes on the market for a buyer to select from.
Remember that supply and demand thing? Less supply, or what we in the real estate business call “low inventory”, creates a sellers’ market. While selling a home during the holiday season may not result in a bidding war like sellers have seen in the recent past, it may just mean a seller can command a higher price.
It’s the Most Wonderful Time of Year…To Tug at Home-buyer’s Heartstrings
Let’s face it. If you’re like most of us, your home looks its absolute prettiest during the holiday. What better time for a buyer to fall in love with your home and picture themselves living there than the holidays? Draw in the buyers with a beautifully decorated home and the smell of a freshly cut Christmas tree! Be sure to omit any personal (or over the top) decorations and stick with a simple, tastefully decorated home and yard. Your goal should be to have your home looking like a model home, not something from Christmas Vacation.
If you need assistance with making your home look perfect for a holiday showing, consult a home stager. Home Stagers are pros and know exactly what to do (and NOT to do) to make a home look its best before it hits the market.
No One has Time to Waste During the Holidays
Looking at houses is a hobby for many people. Many supposed home buyers tour Open Houses on weekends and house hunt for years because they can never seem to find the ‘perfect’ house. For many Americans, whether out of curiosity about the neighbor’s house or searching for design inspiration, visiting Open Houses on weekends is a fun hobby. On the other hand, buyers who choose to house hunt during the holidays are way more likely to be serious home buyers. After all, who has spare time in December to tour Open Houses for fun?
House hunters searching during the holidays are more likely ready to buy and typically have a specific timeframe in mind (like being in a new home by Christmas or the New Year!). Buyers looking for a home during the holiday season are very likely to have a short timeline in mind. Maybe that potential buyer viewing your home is motivated by an emotional timeline, such as celebrating the New Year in a new home. Or perhaps your potential buyer is moving to the area for a job that starts in January. Whatever the reason, buyers looking for a home during the holidays may be looking for a quicker closing. For a seller, this may mean the quick sale you’re hoping for!
Your Neighborhood is in the Spotlight too
You know what is as important to a buyer as the home itself? The neighborhood! Maybe your neighborhood puts pretty bows on all the mailboxes, lights in common areas or wreaths on streetlights. Or maybe your neighborhood is full of families and the yards are decorated to the nines for the holidays.
For buyers, this is a great time to get a glimpse into the type of atmosphere your neighborhood offers. For sellers, this is another wonderful opportunity to draw in a buyer with the charm and personality of your neighborhood. Again, it’s about the heartstrings. A buyer falling in love with your neighborhood and its beauty during the holidays could mean a big win for you!
Fewer Buyers to Compete for a Home
We all know the busiest time in real estate is the spring. Buyers flood the market, looking for a home to be settled into by the beginning of the next school year. Everyone wants to move during the summer! Which means, house hunting in the spring is competitive, even in a post-COVID real estate market.
My question is: if you’re going to be home shopping in the spring, why wait? Why not start your home search now? If you find your perfect home, you’ll have less competition and, if you’re lucky, may be able to negotiate a great deal on a great home. Bonus points for being able to celebrate the New Year in a new home! And then, hunkering down for a long, cold winter in your new family room!
2023 Interest Rates Are Still a Mystery
Are you one of the many home buyers delaying their home search because of rising mortgage interest rates? How high or low the mortgage interest rates will go in 2023 is a guessing game. Industry experts and mortgage professionals have predictions on what will happen with interest rates. Will they continue to go up? Will they come back down? Opinions and forecasts vary greatly on this point.
What we all seem to agree on is this: Home values in the Greenville area will continue to go up. Even as the market slows in our post pandemic environment, home values remain strong. Holding off on a home purchase due to uncertainty over interest rates may not be the best choice. Either way, buyers win. If rates suddenly drop, homeowners can consider refinancing to lock into a lower rate. If rates continue to rise, homeowners will think “wow I’m glad I got an 8% rate instead of 10% rate”. No matter which direction interest rates go in 2023, home values are very likely to go in one direction — up.
Elizabeth Faulkner, local realtor, takes great pride in working hard and providing top-notch service to her clients. Her goal is to make the buying and selling process a smooth one for each and every client she serves!