Black Friday seems like the perfect day to recirculate these timeless thoughts about buying/selling through the holidays. Sit back, relax and then decide what’s the best choice for you!
The holiday seasons are upon us and inevitably, whether selling or buying, you may be asking yourself; “Should I continue to market my home/search for my new home from post-Thanksgiving until post-New Years. Review the pros and cons of both.
SELLING PROS:
- Many other sellers remove their homes from the marketplace during this time which reduces your competition. Lower inventory means that you can stand out to those that are shopping and possibly be rewarded with a higher price.
- The fact is that regardless of the season, there are always buyers in the market to purchase due to job transfers, divorces, end of leases, seasonal closing on their own home that they’ve sold and people who want to take advantage of the current low interest rate before it goes up.
- As long as you don’t go overboard, the sights, sounds and aromas of the season
cause buyers to imagine what it will be like to enjoy their own holiday gatherings in front of your roaring fire and beautifully displayed Dining Room table.
SELLING CONS:
- The number of buyers shopping during the holidays is smaller than in the more active spring season.
- If you live in an area that experiences extremes of cold, snow and ice, you have the added task of making sure your exterior areas are clear and safe to travel. You also need to prepare yourself for the frustration of no shows and reschedules in the event of inclement weather.
- If you do a lot of entertaining, you might have to be more diligent with regard to keeping your home “show ready”.
- In many areas affected by the time change, it gets dark a lot earlier making evening appointments more challenging thus you should prepare yourself to be doing more weekend showings.
BUYING PROS:
- The reason someone may have their home on the market during the holidays is because they have a “need to be sold by” deadline ie: starting a new job, moving to help out with a family situation, downsizing due to a job loss or reduction in income, etc. This may provide a great opportunity to purchase your dream home at a reduced price.
- Due to less homes being sold during the holiday season, title companies may have a more open schedule to ensure the closing date you prefer.
- Like the “Greek restaurant dilemma” of a menu that is so large it’s hard to make a decision, by having fewer homes to choose from, your shopping process may be far less stressful and more effective.
BUYING CONS:
- Since many people take their homes off the market at this time, you will have less inventory from with to choose.
- Due to holiday entertaining, viewing appointments may be more difficult to schedule BUT keep in mind if someone is choosing to sell during this season, they will most likely work with you to find a convenient time.
- If you live in an area with inclement weather, getting to and from appointments might be more challenging.
- In many regions, with the time change, it gets dark a lot earlier making evening appointments more difficult (hard to see addresses, hard to see exterior negatives about the home) which means you will most likely want to schedule viewings for the weekend, which can be more difficult. That said, if the seller is motivated, they will understand the local weather impediments and most likely be willing to be accommodating.
Whether you’re selling or buying, you can take advantage of the holiday season to achieve your desired result and toast in your Happiest New Year!!