Buyers are Looking for the Ultimate House Gift this Holiday
By Gretchen Rosenberg, Kentwood Real Estate
I’ve been in real estate for 2 ½ decades and actively sold for 22 years before stepping exclusively into management. Every November, my clients would mull the decision about whether to put their home on the market over the holidays or wait until the spring.
Our brokers report this conversation is even more prevalent now, winter of 2020/2021. In a typical year, real estate owners are facing a decision about selling during the holidays – whether that means putting their homes on the market or keeping them on the market through the season. This year, layer on the COVID-19 pandemic, and things get more complicated.
Those homeowners who are game to join or stay in the market could be richly rewarded for their decision. Here are the top 6 reasons why owners may want to sell now.
- When I was a busy listing broker, I advised sellers that they may not get as many showings over the holidays and into January, but the buyers who were looking were serious and wanted to find a home. With the historically low inventory, demand is still pent up, even this winter.
- The incredibly low mortgage rates are helping drive buyer demand and fuels their motivation to continue a house hunt through the winter months.
- I remember a family I worked with many years ago who were wrestling with whether to put their house on the market in early December. They’d already purchased their replacement in a private deal with their neighbors three doors down but needed to sell their current home. They asked me whether I could sell it over the holidays, and I said, “Of course!” We decorated the house, baked cookies, priced it to sell, and within three weeks Stan and Andrea could move on. That was a very different market, with far less buyer demand than now. We fully believed the beautiful decorations and homey smells contributed to a feeling of warmth, safety, and comfort for the buyers. People are craving that even more today.
- Less competition can help fuel multiple offers and a quicker sale than in the spring when dozens more homes may be on the market in your neighborhood. Position your product to sell when demand is high, and competition is low. As I said in #1, buyers who are looking for their next home now are motivated to get a deal done.
- Technology has enabled us to avoid more feet through the door than is absolutely necessary. Our brokers at Kentwood Real Estate have become masters of virtual open houses, virtual tours, drone photos, and safe showing protocols. Sellers can use our technology to restrict showing windows if they want to avoid certain days and times.
- In Colorado, home builders are busy keeping up with demand. They’re low on inventory at the moment and have been rapidly raising their prices due to supply chain and labor shortages and to slow traffic in order to get some breathing room. By spring 2021, they’ll be more able to handle the buyer demand, which will add additional inventory to our market.
Still on the Fence?
It feels complicated. It’s the holidays, there’s a nasty virus going around. The inclination may be to hole up and wait. However, if you’re considering selling your home in the next few months, it may be wise to consult with your real estate broker to see how the holiday season is shaping up in your neck of the woods.