Why You Don't Need to Wait for 2024 to Sell Your Home
As 2023 winds down, you may be wondering if selling your home should wait for next year. After all, this is the busiest time of the year for many people, and isn't known for people a hot real estate season.
While there are some benefits to selling your home in the spring or summer, you certainly do not have to wait to list your home. In fact, there are a few reasons you might actually want to get your home on the market before the end of the year.
1. There are fewer buyers on the market, but the buyers that are looking are highly motivated
We've already acknowledged that house hunting during the holidays is not ideal for most people's schedules. This means that those buyers who are on the market are motivated and likely looking to move quickly. They are almost certainly looking for a home out of necessity or urgency, and that can work to your advantage as the seller.
Some of the reasons buyers are on the market during the last couple of months of the year include:
- Moving for a job
- A major change in the family that requires a different home
- Downsizing to accommodate financial changes
- Looking to take advantage of tax incentives for 2023
- Investors looking to buy with cash before the tax year is over
Any buyer in a situation like this is going to be ready to move efficiently. They will be pre-approved, have their ducks in a row, and be willing to make quick decisions. You may even find that you can close on your home in a shorter than expected period thanks to the highly motivated and prepared buyers you find.
2. Homes on the market will be fewer and farther between
Because the supply of homes is lower during these months, yours will stand out and have less competition. Since we've already seen that the buyers on the market want to move quickly, you can see how this will work in your favor. Those who want to buy something now and only have a few options are going to be very interested in yours. In short: this season means less competition for you as a seller.
While it is still a great choice to stage your home and set it up to make a great impression, you likely won't have to worry about competing with a comparable property just down the road from yours.
3. Scheduling during the holidays may be far more flexible
The holiday season is certainly busy for most people, but it also represents a season with more flexibility than usual. This includes flexibility from buyers to schedule a showing at a more convenient time thanks to time off, possibly working better with your own schedule. If you plan to travel for the holidays, you can allow your agent to show the home while you're gone, meaning far less disruption for you and no need to work hard keeping the home ready for a showing while you are living in it.
Real estate professionals in general may also have more availability because this is a slower season. You may find it easier to find appraisers, inspectors, staging professionals, photographers, and more because they are all likely dealing with less full calendars.