6 Reasons to List (or Keep) Your House on the Market This Year
Most homeowners choose to wait out the holiday season before listing their houses for sale. Traditionally, this has been wise. Historically, there has always been a drop-off in the number of home listings, as well as buyer interest, until spring.
This holiday season, though, is unlike any other we’ve had. “Normal” rules no longer apply, especially in real estate. In fact, this is the best sellers’ market we’ve seen in years!
Here are six reasons you should put or keep your house on the market this holiday season:
- Mortgage Rates Are at an All-Time Low
Mortgage rates have been falling steeply since March and are still searching for the floor.
The Freddie Mac Primary Mortgage Market Survey shows the average interest rate on a thirty-year fixed-rate mortgage has dropped to an all-time low of 2.71 percent. The fifteen-year fixed-rate mortgage also plummeted to 2.26 percent.
The prospect of significant long-term savings on home loans has prompted many would-be buyers to take the plunge and to start actively looking for homes.
- There’s a Home Buying Frenzy
With a sharp uptick in the number of home buyers on the market, real estate has been booming! A recent article in the New York Times attributed this rise to the pandemic, an increase in the number of first-time buyers, more interest in owning second homes, and technological innovations.
Bottom line: there’s a much larger pool of buyers interested in your house than you might think.
- Open Houses Have Gone Virtual
With social distancing and travel restrictions, buyers are increasingly relying on 3-D tours, virtual open houses, and drone footage as substitutes for in-person visits. With the aid of these technological tools, your house can now draw more eyeballs than ever before!
Prospects who would have been inconvenienced by driving to your home can now tour your property right from the couch. Potential buyers can choose to schedule these virtual open houses for convenient dates and times, increasing the likelihood they’ll be able to view your home—and potentially make an offer!
- Inventory Is Scarce
Inventory is at a record low; demand is crazy. It’s a strong sellers’ market, and you are in the driver’s seat. Holiday season notwithstanding, this is an opportune time to keep your house on the market or to list it for the first time.
- Supply Will Rise in 2021
Many homeowners believe the holiday season is not a good time to sell a house, and this is one of the reasons why inventory is so low right now.
Come spring, the number of listings will rise. New constructions are also expected to be available for sale in many parts of the country next year. This translates to more supply and, therefore, less demand for your house.
- A Dash of Psychology
Our senses have a huge influence on our decisions. For instance, surveys have revealed that how a house smells can make or break an offer, with 35 percent of one survey’s respondents saying the smell of freshly baked bread could be a selling point. Brands also use sensory marketing, where they use appealing visuals, music, tantalizing smells, and tasting samples to influence purchase decisions.
The holiday season is the perfect time to appeal to your prospects’ senses. Consider adding tastefully done holiday decor, cookies on the counter, soft music, and maybe even the smell of freshly baked bread wafting through the air. (Sounds like heaven!) Is interior design not in your wheelhouse? You can always hire a staging expert to do up your house for you.
If you’ve been meaning to sell your house for a while, there’s no time like the present. At Ray Gernhart and Associates, we have been helping homeowners close deals for almost forty years, in and out of the holiday season. Reach out today to get started. Happy holidays!
