Don’t let sellers put off listing until 2024. Coach Darryl Davis says it’s time to share the good news about hitting the market during the holiday season.
Amidst the hustle, bustle and Happy Holidays well-wishes, how many of you are hearing a whole lot of, “I’m going to wait out the market” from homesellers?
We get it. It’s been an interesting year to say the least, filled with a whole lot of reasons that sellers think that they should settle on spring to list instead of decking the halls (or at least the lawn) with a For Sale sign.
What they might not know, and what you have the opportunity to coach them on, is that the holidays are actually an extraordinary time to sell if they are motivated.
Before we get to the holiday magic, a note on interest rates
There does appear to be encouraging news on the economic and interest rate front based on the recent report from the Federal Reserve, teasing that we could see rates drop some in 2024. That will be mostly beneficial for buyers eager to jump back into the market.
However, this is also good news for sellers who have potentially held back on selling for fear of the drastic difference in their current mortgage rates. A shift downward in the near future may now make a sale more viable.
If you have sellers who fit this bill, now is the time for them to start putting their plans in motion.
What makes the holidays such a good time to sell?
While some real estate agents are already checked out, whether because of the holidays or industry confusion, for the agent willing to put in a little extra hustle right now, it can be worth extra business, providing an opportunity to pick up market share.
Here are 10 reasons that selling during the holidays is a great idea
- Motivated buyers: Buyers who brave the holiday craziness and market changes are serious about not just getting a deal, but owning a home. They need an advocate to help them do just that.
- A spike in relocation: January is the most common time of the year for people to start their job after being transferred, and typically they get notice in November or December. These buyers have no time to waste; they have a short time frame and are very serious about purchasing.
- Houses show beautifully when decorated for the holidays: Holiday decorations that are nicely staged can add a beautiful flair to the home and have been proven to increase how well the home shows. Buyers coming through will instantly imagine spending their holidays in your home, and the memories they will build there with their own families and friends.
- Time to browse: Buyers tend to have more free time during the holidays, which means they can look for homes during the work week rather than be limited to the weekends. When people have more free time, they are less stressed, and when they are less stressed, they are willing to spend more.
- Tug on the heartstrings: Buyers are already more emotional and sentimental by nature, but during the holidays, that is even more true. When buyers start envisioning their own family time and making those holiday memories, they are inclined sometimes to spend more than they would at other times of the year.
- Less competition: Inventory is historically low right now, which means less competition and a greater chance of selling quickly. The chance to get multiple offers rises during this time as well. Waiting to list in January or the spring (along with everyone else) will mean more competition, which means your seller will often get less money for their home, and sit on the market longer.
- Tap into tax savings: There are tax benefits to buying and selling a home before the end of the year. There are a variety of mortgage deductions, and they can also take advantage of state and local tax (SALT) deductions, tax-free profits on the sale of their home, and even home office deductions for those who work remotely. Check with your state regulations to see which apply to your homeowner.
- Lower showing expectations: Even motivated sellers often get weary of having to have their home “show ready” at any given moment. This is the only time of year when buyers really expect to work around schedule restrictions due to holiday celebrations.
- Sellers set the timetable: Even if your seller gets an offer, that doesn’t mean they have to stop, drop and roll out of their home. It’s totally acceptable to delay the closing, or even request extended occupancy to accommodate a move into the new year. Just because they list and sell their home during the holidays doesn’t mean they have to pack up and move the next day — you can negotiate this extra time with the buyers and their real estate agent.
- Smart sellers become equally smart buyers: Selling a home now gives your sellers the opportunity to be a non-contingent buyer in the Spring when the majority of homeowners choose to list their home, which means your seller-turned-buyer will have a lot of homes to choose from because they aren’t fighting with the increase in competition. This gives them their best chance to sell high, buy low.
It can be easy to fall into the “holiday-mode” trap and stop thinking about real estate to enjoy the festive season, but as you approach the end of the year, this is your last chance to end on a high note and serve your clients in the best possible way.
Most homeowners would never know these top 10 reasons unless you tell them, and coaching homeowners to make the best decisions for them is why you got into this business. It’s about serving their needs and educating them to serve their best interests.
So, pick up that phone and start calling, put it on social media, and make sure that every homeowner in your farm area knows the advantages of selling during the holidays. You never know who might be thinking of selling, and you want to be that real estate agent in front of them when they finally make that decision.