When it comes to picking the perfect time of the year to sell, most people automatically think of the spring season. It makes sense if you think about it: the snow is melting, the flowers are blooming, and the weather is pleasant enough for house hunters to start pounding the pavement in search of their new home.
But as good as the spring season is to sell, the holidays can offer its own unique set of benefits. That might be hard to believe considering the fact that the weather can put a damper on house hunting excursions and people are busy travelling or attending functions and parties. But the holiday season can be a great time to sell, and here are some reasons why.
1. Less Competition Among Sellers
Since there is this perception that the holidays are a bad time to list, many sellers choose to either quickly sell during the fall season before Christmas and New Year's hits or wait until things have settled down from the holiday frenzy. As such, there tends to be less competition. With fewer sellers and listings on the market, there is less inventory for buyers to choose from. More buyers compared to sellers means less competition for you.
Since the inventory of listings will significantly increase in January, there will be less demand for your home if you list your property on the first month of the new year, which means less demand and therefore less money for you.
2. More Motivated Buyers
If there are any buyers who are looking to buy over the holidays, they tend to be more serious and motivated That's usually because they want to finalize a home purchase. before year-end for tax purposes. There are certain write-offs that buyers can take advantage of as a result of a home purchase.
Buyers might also want to get the home purchase and move over with before the long winter arrives. In addition, they may want to have their new home ready for them if they're starting a new job. January is a popular month for employees to start new jobs, and since employees who may have to transfer locations as a result of a job change often can't wait until the spring to buy, your home can capture the market if it's listed on the market over the holidays.
Last but not least, buyers usually have more time to look for a new home if they are off work as a result of the holidays.
3. Your Home Shows Well With Holiday Decor
While it's typically suggested that holiday decor is kept to a minimum when a home is on the market for sale, this type of festive decor can actually make your home show better when done right. If you hire a professional home stager to take care of the staging and decorating for you, you stand the best chance of attracting the right pool of buyers and finding a qualified buyer who is willing to put in a handsome offer for your home.
4. Internet Searches Spike During the Holidays
Lots of home buyers dedicate more of their house hunting time throughout the holidays to searching online for their next home compared to visiting homes in person. Having this added convenience of focusing on a short list of preferred homes from the comfort of their own home during the cold weather typically results in a surge in real estate website traffic when overall market sales are slowing down.
If you want your home to be on buyers' radar during this time frame, it needs to be listed on the market. The effectiveness of drive-by sightings and other types of in-person marketing drastically lowers during winter weather. Listings that are marketed properly online during this season have a lot more exposure compared to the average home.
5. International Buyers Purchase During All Times of the Year
You might have an opinion about the behaviours of the average buyer here in Canada, but international buyers don't necessarily follow the same buying pattern. The number of international home buyers has increased significantly as the real estate market in Canada has improved over the past few years. Buyers from foreign countries don't observe the same calendar as most Canadians do.
There has been a significant uptick in showings and home sales for international buyers around holiday seasons that were once conventionally considered to be the unofficial vacation period in the real estate industry. When international buyers come to hunt for a house, North American holidays are typically not a part of the average scheduling process.
The Bottom Line
Selling during the holiday season isn't necessarily the worst time of year to list your home, as you can see. Taking advantage of the above benefits can help you realize a solid sale in a reasonable amount of time while helping you generate top dollar for your home.