As Thanksgiving approaches, we often get the question, “Should I wait to go on the market until after the holidays?” or “My home is on the market now, should I take it off during the holidays?”.
Well, the answer is “It depends“!
Here are some things you might want to consider if you’re thinking of selling your home during the holidays (and you can search here to see how many homes are for sale in Northern Virginia right now!):
- If your home is already on the market, it may be a good idea to stay on the market. Buyers who are looking at homes during the holidays are usually “Real Buyers” and not just “lookie-loos”. Tom Reilly, Lead Buyer Specialist for The Belt Team, says “I have multiple buyers who are VERY motivated to buy during this timeframe, especially since interest rates seem to be rising.” And Gail Belt, Founding Partner of The Belt Team says, “My experience is that Buyers who are out looking at property during the holidays tend to be serious buyers. There may not be as many people looking at your house, but the ones who come NEED to buy or they wouldn’t be out looking at this time of year.” Beth Dadisman, The Belt Team’s Showing Partneradded, “My husband and I have moved 3 times in January. So we were some of those serious buyers looking in December!”
- During the holidays, many Sellers take their homes off the market. This means we often see inventory drop and therefore if you’re on the market, you may have less competition. Kevin Kleifges, Belt Team Listing Partner, says: “It depends on your situation. This year we’re seeing a lot of pent up demand. I’m advising most of my sellers to stay on the market. We can work with you to restrict showings on special days like Thanksgiving. But selling now before Spring competition picks up might be in your best interests.”
- What is your true motivation? Do you truly want/need to sell? If you’re just “testing the market” (IE – if you are not realistically pricing your home to what TODAY’S Buyers are willing to pay), then now is NOT the time to go on the market. Your home will likely not sell, and then when Spring arrives – your home will be “stale on the market”. Prospective Buyers will wonder what is wrong with your home and why it has been on the market so long. (This is true at any time of year. Overpricing stigmatizes your home and hurts your eventual bottom line significantly.)
- “Set your expectations properly.” says Beth Dadisman, The Belt Team’s Showing Partner. “Plan accordingly and prepare yourself & your family to be ready to juggle preparation & showings with other seasonal activities. (And if you have little ones, maybe Santa’s upcoming visit will encourage them to keep their rooms clean!)”
- Some Sellers really should wait until Spring. While most homes look better in the Spring when the trees fill out & flowers are in bloom, this is not usually a reason to wait for Spring. (That’s what everyone does and that just means more competition.) However, some homes are an exception to this rule. For example, Terry Belt, CEO of The Belt Team shares, “We had a listing that backed to a cemetery. And while some people like that idea (quiet neighbors!), most people don’t like the reminder when they look out the window of their home. This is an item that can severely impact salability and price. In this case, we advised our Sellers to wait a few extra months and put their home on the market when trees were fully blossomed and the cemetery was not visible. You cannot get rid of extraneous factors like a cemetery, but you can mitigate their impact.”
- If you do go on the market, don’t forget that Buyers looking at your home are trying to picture themselves & their families in your home. This is hard to do if your home is over-decorated with holiday knick knacks. “You may want to be a little more restrained than you normally would be when putting up your decorations” says Terry, “Too many decorations can also make your rooms look smaller than they really are. In addition, Winter is a dark time of year, so make sure you keep your home as light-filled as possible. Open the drapes, raise the blinds and turn on all your lights. The few extra pennies will be worth it!“
- Multiple contracts situations are still happening in certain price ranges & areas. We put a home on the market in Vienna on November 1st. It sold in less than a week and there were 3 contracts received. This means that there are two “real buyers” who are still out there looking and ready to buy. And this is not an isolated situation. If you want to sell, the holidays could be the perfect time!
If you need help working through what is the best time to put your home on the market, contact The Belt Team – or give Terry Belt or Kevin Kleifges a call at (703) 242-3975. Every situation is different and we would be happy to help you figure out what is best for YOU!