Now is the time of the year when many people add to their already hectic lives and simply respond, “Call me after the New Year”. Though it seems counter-intuitive, now is a great time to buy or sell a home.
With low rates coupled with low values, the affordability index has not been this attractive since Nixon was early in his Presidency. Financially savvy people look for opportunities when everyone is distracted, apathetic or simply running away. This is when bargains and negotiations are the best!
“If you only have one or two showing through out the Holidays you should be thrilled because you know this is a serious Buyer. It only takes one! Any Buyer that looks for a home during this time of year is clearly motivated, considering all the other business at hand,” states Penny Wilson, a 20-year real estate veteran based in Westminster, Maryland.
In addition, buying a home is an emotional transaction as well as a financial one. Buyers can imagine themselves celebrating their holidays in the home and some desire to make it this holiday! Keep your decorating simple, but tasteful.
Durwin Bixler, Sales Manager at Country Home Real Estate in Hanover, Pennsylvania adds: “When we as buyers buy things, we want to see it at its best. The WOW Factor (Want Optimum Wish).” In addition, “ Buyers have more time to look for a home during the Holidays than they do during a working week.”
Now, many people will counter that they are too busy to list a home or leave the home to allow a showing. If that is the case, you need to ask yourself how motivated are you to sell? When fewer people are advertising, the ones left are heard.
You can offer your agent “black out dates” that you will not allow showings in order to accommodate your schedule, but be flexible. If a busy buyer insists on a date that is not preferable, you may wish to allow it. To gauge their seriousness, ask for not only a commitment letter, but also an actual DU or LP approval from their lender.
Fourth Quarter buyers are my favorite, says Ellie McIntire of Keller Williams in Howard County, Maryland. “ Less inventory means less competition. The buyers are also SERIOUS buyers rather than “maybe” buyers that you get in spring.”
Buying a home is a privilege, not a right, so make sure that you are ready, willing and able to buy and you may get the best holiday gift this year. And, if you want to sell your home, interview experienced Realtors and ask for their ideas on how they will market your home during the holidays.
Just listing your home will not work unless you have a cohesive plan. Done correctly, you could be deciding what to do with your new windfall in the New Year.
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