To sell or not to sell? ’Tis the question that most homeowners will be pondering over during this festive season. While traditionally the holiday season is not considered a prime time to sell, and December sees among the lowest selling rate, factors such as busy schedules, seasonal travels contribute to fewer buyers and falling home sales. This December, however, may look a little different.
2021 saw one of the hottest property markets in the history of the GTA (Greater Toronto Area) with record-low interest rates, pent-up demand and scarce inventory. Based on the sales records for the past few months, this trend is not expected to cool off anytime soon. The GTA housing market is projected to remain in seller’s market territory throughout 2022, which means supply will stay low, triggering a continued rise in prices.
In this month’s blog, we look at the pros and cons of selling your home during December.
Pros
Much lower competition from other sellers
According to a LinkedIn article, “Pros and Cons of Selling Your Home During the Holidays”, “most people aren’t looking to sell during the busy holiday season, which means there will be fewer homes on the market. With less competition and more serious buyers, you may actually end up selling your home more quickly and for a higher asking price than during peak selling season.”
Eager and more serious buyers
Most people are unlikely to spend their precious holiday time perusing the property market just “to see what’s out there”, or booking showing during the peak of Winter. It’s most likely they had a sudden change in circumstances and are motivated to buy quickly, Therefore, anyone shopping for a new home between Thanksgiving and New Year is likely to be a serious buyer.
More funds available and end-of-year tax breaks
Employer bonuses generally kick in during the end of the year allowing for a higher budget and highly motivated buyers can take advantage of tax breaks if they close before the year ends.
A less-busy agent
Fewer homes to sell means more time for your agent to dedicate to selling yours. If your agent isn't on vacation, they may have extra time to make sure you get the best offer for your home.
Cons
Harder to keep your home looking good
It’s no secret that the holiday season is a time of family activities, gift wrapping, Christmas decor, cooking and baking and with this comes a lot of cleaning even more so on show days. You may not want the added stress of keeping your home show-ready.
Fewer buyers looking
The biggest drawback to selling during the holidays (and winter, in general) is that there are typically fewer buyers looking for a home. Seasonal schedules, weather concerns, and winter vacations could limit your pool of potential buyers. This appears to be changing, however, as technology makes it easier and more convenient than ever to browse online and view video tours of potential homes (Source: “Pros and Cons of Selling Your Home During the Holidays”).
Holidays slow lenders down
You may have a harder time finding an available agent, as many take vacations during the seasonal slowdown. It can also be difficult to connect with lenders and other real estate service providers during the busy holiday season.
Team
