Although many consider the holiday season a challenging time to sell a home, there are several advantages to putting your home on the market in winter. With home sales increasing in the second half of 2019 and projected to remain steady into 2020, you may want to put your home at the top of someone's wish list this winter.
Here are three reasons why you may not want to wait for the snow to melt before hammering the "for sale" sign into the ground:
- Less inventory = less competition. According to the latest data from the National Association of Realtors, unsold housing inventory is down this winter. With fewer houses on the market, you won't have to vie for buyers' attention.
- Buyers aren't window shopping. Buyers who are willing to scan the market with fewer options are typically more interested, which means you may encounter more people who are serious about purchasing your home than those just wanting to take a peek.
- Buyers are motivated. Down payment and closing costs are some of the most discouraging factors for those looking to purchase a home. But year-end bonuses and overtime payouts can give people a little more purchasing power. Additionally, the average interest rate for a 30-year fixed-rate mortgage is currently at a seven-year low for the month of December — making buyers all the more inspired to close the deal.
If you're prepared to sell now, before the spring housing market frenzy, check out these tips on selling during the holiday season:
- Spruce up the online listing. Freezing weather may cause buyers to house hunt online. Catch their eye with professional photographs, a virtual tour and a thorough description.
- Deck the halls, but don't overdo it. More isn't always merrier when it comes to decor. Accentuate the best parts of your home with winter greenery, warm lights and understated design, but avoid using too many decorations as they can make a space feel crowded.
- Customize the viewing experience. Make sure buyers are safe and warm by keeping the driveway and sidewalks clear of snow and by turning on the heat. Also consider working with your listing agent to create a unique viewing experience for buyers that'll brighten (and warm!) their spirits.
Ready to sell but not sure where to begin? Don't get your tinsel in a tangle. We have more tips to help you with the process at MyHome by Freddie Mac®.