Holiday Home Buying and Selling Tips
If a seller hasn’t sold their home by the time the year-end holidays arrive, they’ll typically remove it from the market. For one reason, activity is often slower this time of year. Also, many sellers want a break from showings and having to keep their home spotless—not easy to accomplish any time of year, much less during the holidays. Here are four holiday home buying and selling tips to help you close the deal before the New Year’s Eve ball drops.
Sellers: Consider adjusting your price
If your home’s been on the market for months without offers, you might be asking too much money. If you drop your home to the right price now, you have a captive audience because there’s less inventory on the market. You might even get more than one buyer. If you’re ready to move your home, this could be your chance to negotiate the best deal.
Sellers: It may be time to offer incentives to buyers
In addition to dropping your price, you might want to offer an incentive to buyers, like a credit for closing costs or including some furniture in the deal, if the buyer agrees to sign a contract before the end of the year. Or offer buyers’ agents a bonus if they make a deal happen. The point is: A motivated seller should take advantage of the timeframe, and that means making sure everyone knows you’re ready to bargain. Additionally, your agent should communicate to other agents, and the marketing remarks on your listing should demonstrate your motivations.
For more on this topic, see “Top 5 Home Buyer Incentives.”
Buyers: Don’t make assumptions
Don’t assume the market will come to a standstill just because it’s the holiday season. Some sellers have conversations with their agents about trying to make a deal during the holiday. These sellers are looking for you. Their list price might seem high, but they’re probably willing to negotiate.
Some sellers don’t want to advertise that they’ll take less. But once they get a buyer, they’re ready to wheel and deal. Imagine yourself in the shoes of a seller who needs to unload their home. They may be willing to close even at the stroke of midnight on Christmas Eve. Bottom line: Deals happen if you put yourself out there.
Buyers: Take another look
Been ignoring a home or two because they seemed overpriced or not as thoroughly renovated as you’d like? Did you make an offer earlier in the year that wasn’t as great as it could have been? If so, circle back to every listing in and around your price point and target area currently on the market. Scour these listings, because they may indicate motivated sellers. Go have a second look and keep an open mind. An overlooked home can easily become your dream home at the right price.