When is the best time to sell a house in 2021-2022? Most people will recommend summer and spring. No doubt, as the holidays creep up on us, most people start daydreaming of spending time with family and friends. No wonder selling a home during holidays is traditionally frowned upon. However, it is a brilliant idea. Buyers are more willing to close the deal, and you have better chances of getting a lot more return on your investment.
In this post, experts at Park Regency Realty - a Los Angeles based real estate company - will briefly look into the typical real estate holiday trends and why the festive season is the best time of the year to sell a house. We will also disclose common home selling mistakes to avoid.
Real Estate Holiday Trends
Not many people want to sell their house during the holidays. There are just too many other things they would instead do than packing boxes and cleaning out garages. This translates into less competition for buyers. Sellers deal with individuals genuinely interested in buying. That is just one reason holidays are the best time to sell a house.
You expect a different clientele during the holidays. These are people more focused on finding their dream home on the internet and keen on avoiding bidding wars that hampered their chances in the warmer months. As a home seller, you want to understand these buyers’ unique motivations, so you build a conversation that better caters to their needs and gets you a favorable deal.
Homes sell best in spring and summer because parents wait until summer to move school-aged kids. We cannot take this statement as conclusive evidence, but it is good supporting evidence. But according to Forbes, over 50% of homebuyers are unmarried, meaning their home-buying decisions are unaffected by kids’ schedules. As a result, your home becomes available to motivated buyers likely to make an offer close to the listing price.
Timing is critical when selling a home during the holidays. The Friday preceding a holiday weekend is the best time to post a home listing. Talking of real estate winter selling, February or March might be the best month to sell a house.
6 Mistakes to Avoid While Selling Your Home on a Holiday
Save yourself frustrations by avoiding these home-selling mistakes people make during holidays.
1. Over-Decorating
It is tempting to elevate your decor theme when prepping your home for a holiday sale. But while you may love the appeal of a large lavender display, a potential buyer might recoil at the sight. Too many or large adornments can crowd your home and distract buyers from the essentials.
By keeping holiday decor simple, you create an opportunity for potential home buyers to picture themselves living in the space. Consider a few touches to the house, wreaths on the front door, and possibly a holiday scent without being overwhelming. Steer clear of or minimize overly religious decor themes.
2. Using Outdated or Unappealing Photos
While holidays might be the best time to sell a house, unappealing images of your house may kill your sale chances. The typical home buyer starts with browsing online listings before booking an in-person visit. Make your property stand out with top-notch pictures.
Do not just show images of your house amidst expansive green and blooming flowers. That will likely trigger suspicion in buyers trying to harness the perks of the real estate winter market. The best thing is to ensure your listing's photos show the year-round outlook of your home. Are you unsure of the visual aspects of your home listing? A competent real estate agent can help you choose the best pictures or even arrange for a real estate photo shoot to ensure you showcase your home the best way possible via eye-catching visuals.
3. Incorrectly Pricing Your Home
While buyers are more motivated to close home deals during holidays, few are open to negotiations. So, a too high price can turn prospective buyers off and keep your house in the market for too long.
Popular is the notion that higher prices leave more room for negotiations. However, real estate experts recommend setting a reasonable price from the get-go rather than dropping the price gradually.
At the same time, buyers may assume you are desperate to sell during holidays, which results in lowball offers. It gets worse if your house has stayed in the market longer. Regardless, do not be quick to accept disappointing bids. A qualified realtor with a proven track record will work to ensure your listing is correctly priced.
4. Not Hiring a Real Estate Agent (or Hiring an Unavailable One)
Another common mistake homeowners make during the holidays is trying to sell homes themselves. This could set you up for frustrations counteracting the original idea of saving more money by excluding a real estate agent from the process.
Whichever the season, hiring a competent realtor is critical to getting more value out of a home deal.
Note that the real estate winter market is slower, and most real estate agents find it the ideal time to take a break. You do not want to list your property, only to find that your agent is unavailable during the holiday.
Ask the questions below to hire a reliable real estate agent:
- What are your credentials?
- Are you conversant with this neighborhood?
- What is your availability?
- How many deals did you close last year?
- How do you decide on the listing price?
- What is your sales plan?
- Which are your preferred communication channels?
- What are the estimated timelines?
5. Neglecting Major Repairs
Too many maintenance issues can repel prospective buyers and possibly haunt your home's value.
Most buyers require a thorough home inspection and expect the property's status to match the listing description. So, make sure to address any glaring issues before listing your home. That includes broken items and anything that can compromise your house’s structural integrity, functionality, and safety. Think HVAC, plumbing system, insulation, etc.
Renovations can improve your home value, but you want to tread carefully with the add-ons. Consider that you may not recover all improvement costs, and some buyers prefer to customize the space to their preferences.
6. Being Unavailable for House Showings
Selling a home during holidays requires flexibility and dedication. No doubt holidays come with many plans, but failing to prioritize showings could impact the return on your investment.
Fully cooperate with your realtor to accommodate more buyers, even if it means shedding some vacationing hours.
Why Sell a Home During the Holidays?
Below are the top 4 reasons to sell a house during holidays:
» Minimal Competition
The home selling frenzy of summer and spring means property sellers have to put more effort and strategize to make their homes stand out. However, with limited inventory during holidays, buyers pay more attention to your house, and you might command a higher price.
» Quicker Sales
Another reason the festive season is the best time of the year to sell a house is that buyer motivation expedites the sales process. What's more, there are fewer real estate transactions, which means professionals needed for sale, including realtors, attorneys, home inspectors, and mortgage originators, will have more time to focus on your transaction.
Homes listed during winter have a 9% higher chance of selling than the non-winter inventories. Provided you price and prep your home right, you could get that deal closed sooner.
» Home and Neighborhoods Look More Inviting
Festive lights and decorations are a highlight for most communities during the holidays. Prospective homebuyers see your neighborhood differently when it is all cheerful and merry, which may trigger an emotional purchase. After all, who couldn't use some extra holiday spirit? Decorations can improve curb appeal and make the spaces inside more welcoming. But if you go overboard, your house could end up looking more like Santa's workshop than a place anyone would want to live.
» Take Advantage of Job Transfers
One of the reasons January is the best month to sell a house is that most corporate transfers happen within the month. This alone is enough to compel sellers to list their homes during the holidays since most relocation buyers are often eager to close. They cannot wait until the spring and are willing to sacrifice savings and extra housing perks to settle in their new location faster.
Sell your Home Faster and for Top Dollar with Park Regency Realty
Whether you want to relocate or unload investment property, Park Regency Realty has the time-tested expertise and resources to get your house in front of motivated holiday buyers. We are a full-service real estate company in Southern California committed to putting our 40+ years of industry experience and success to work for you. Our job is to navigate the entire process with you, from listing, staging, negotiations to closing, ensuring your home sells faster for top dollar. Call us today at 818-363-6116 to expedite that holiday sale.