As the year winds down, you may have decided it’s time to make a move and put your house on the market. But should you sell now or wait until January? While it may be tempting to hold off until after the holidays, here are three reasons to make your move before the new year.
Get One Step Ahead of Other Sellers
Towards the end of the year, homeowners in the residential real estate market are less inclined to list their houses. This reluctance stems from holiday-related busyness, causing people to postpone selling until the new year when schedules and social calendars ease. This pattern presents an opportunity for proactive sellers to get ahead of the competition by listing their homes before the holiday season distractions set in.
By choosing to sell your house now, ahead of other homeowners who might delay until after the holidays, you position yourself to gain a competitive advantage. Initiating the process promptly, preferably with the assistance of a real estate agent, allows you to list your property before your neighbors do. This strategic move increases the likelihood of attracting potential buyers’ attention and securing a favorable position in the real estate market.
Get Your House in Front of Eager Buyers
Despite a slight increase in the supply of homes for sale compared to last year, the current market still faces a shortage of available homes. While some potential buyers may postpone their plans until January, others have pressing personal reasons or life changes requiring an immediate move. This situation highlights the continued demand for homes, making the present time advantageous for sellers looking to attract motivated buyers in a market with limited housing inventory.
Buyers who are active later in the year are likely to be highly motivated due to pressing needs. Despite the motivation, these buyers will encounter a challenge – a shortage of available inventory to meet their specific needs. The scarcity of homes on the market can intensify their determination to secure a property, potentially benefiting sellers by creating a more favorable environment for quicker sales and potentially more competitive offers. A recent article from Investopedia says:
“. . . if your house is up for sale in the winter and someone is looking at it, chances are that person is serious and ready to buy. Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.”
Use Your Equity To Fuel Your Move
It’s important to consider that homeowners currently hold record levels of equity. As per CoreLogic, the average equity per mortgage holder has surged to nearly $290,000. This substantial equity presents an opportunity for sellers, as it could potentially cover a significant portion, if not all, of the down payment required for the home they aspire to purchase. Leveraging this equity can facilitate a smoother transition to a new home and contribute to realizing your homeownership goals.
As you contemplate selling before the year-end, it’s crucial to recall the initial reasons motivating your desire to move. Whether it’s the prospect of a new home in a more suitable location, a space that better accommodates you and your loved ones, or evolving needs over time, these considerations should guide your decision. Consulting with a local real estate agent is beneficial in assessing your home equity and devising a strategy to leverage it effectively, enabling you to achieve your goal of making a move aligned with your aspirations.