Traditionally, spring is the most torrid season for buying and selling homes. Home sales accelerate in March, and peak in April and May. Sales remain strong from June to July. Come October, the bulk of home buying usually slows down. By this point, many potential home sellers and buyers turn their focus to the holidays– buying presents, planning gatherings, cooking meals, or arranging vacations.
Nonetheless, this lull in buying and selling activities can actually become an advantage for sellers who are looking to move their homes before Thanksgiving.
Highly motivated buyers
Keep this in mind, potential buyers who are out house hunting leading up to the Thanksgiving holiday are serious about finding the right home. Buyers include first-time buyers, families looking to relocate and families who have sold a residence and want to get settle in before the holiday festivities begin.
Some buyers preferred the more laid-back, relaxed environment of the holidays because they have few competing buyers for properties they are interested in touring and possibly placing an offer to buy. You home showings will have more power when you have buyers who are motivated and likely pre-approved for financing and able to close quickly.
Take advantage of the inventory shortage
Even if you are not in an area of the country that has become a seller’s market over the last several months, inventory of available properties has dropped significantly in recent months. The tightened inventory equals about a 5.2 month supply of homes according to the National Association of Realtors. This housing market dynamic provides an unprecedented opportunity to move your home quickly.
Many buyers will probably continue to tour homes that are open for showing, which can translate into a quick sell, especially for newly listed properties coming on the market. The squeeze on inventory doesn’t’ mean you don’t have to be concerned a competition or buyer’s expectations, but you will gain an advantage if you are properly prepared.
Avoid over decorating
Remember, if you intend to put up decorations for the holiday—do so with restraint. Too many goblins, turkeys and other decorations can obscure views and make rooms appear smaller. Remember, you want to sell your home. You want buyers to have as few diversions as possible so that they can decide whether your home is right for them. Stick with general fall and winter or secular adornments to avoid offending potential buyers and focus your efforts on displaying the home in the best light possible.
Plan and prepare to accommodate buyers. And make the property available. You may have to make a decision on whether to have a holiday party, cocktail gathering or an open house. You need to be ready to change your plans to cater to would-be buyers. You should also be ready to demonstrate flexibility with pricing, contract terms, etc. If you are determined to get your price, you can offer some leeway on closing cost or other terms.
You should be ready to move out quickly. The buyer will likely be looking to settle in quickly to their new home and enjoying a stress-free holiday. Having flexibility gives you the best chance of selling your home before Thanksgiving and moving forward with your life.