
As the year winds down, you may have decided it’s time to take a step and put your home on the market. But should you sell now or wait until January? While it may be tempting to wait until after the holidays, here are three reasons to make the move before the new year.
1- Go one step ahead of other sellers:
Typically in the residential real estate market, homeowners are less likely to list their homes toward the end of the year. This is because people are busy during the holidays and sometimes stop prioritizing the sale of their home until the beginning of the new year, when their schedules and social calendars calm down. But that gives you the opportunity to take a step forward.
Selling now, while other homeowners may wait until after the holidays, can help you get an edge over the competition. Start the process with a Real Estate agent so you can put your home on the market before your neighbors.
2- Present your home to eager buyers
Although the supply of homes for sale increased compared to last year, it remains low. That means there aren’t enough properties on the market today. While some buyers may also delay their plans to move until January, others will still need to move for personal reasons or because something in their life has changed.
Those buyers will still be active at the end of this year and will be motivated to make their move happen because they have to. Unfortunately, the challenge they will face is a shortage of inventory available to meet their needs. A recent Investopedia article says:
“. . . If your house is for sale in the winter and someone is looking at it, chances are that person is serious and ready to buy. Anyone who buys a new home between Thanksgiving and the New Year will likely be a serious buyer. Putting your home on the market this time of year and attracting a serious buyer can often result in a faster sale.”
3- Use your capital to boost your move
Keep in mind that homeowners today have record amounts of equity. According to CoreLogic, in the USA the average amount of equity per mortgage holder has increased to almost $290,000. This means that the equity you have in your home right now could cover some, if not all, of the down payment on your dream home.
And when weighing your reasons for selling before the end of the year, it’s important to remember the reasons that sparked your desire to move in the first place. Maybe it’s time to buy a new home in a location that better suits your needs, one that offers the perfect space for you and your loved ones, or maybe your needs have evolved over time. A local real estate agent can help you determine how much home equity you have and how you can use it to achieve your goal of moving.
Bottom line
Listing your home before the new year can offer unique benefits. Less competition, motivated buyers, and capital gains can work in your favor. Contact a local real estate agent to achieve your goals before winter hits.