Statistically speaking, over one million homes were sold in the US from December 2019 - February 2020. Granted over half a million more were sold in the summer of 2020, but that’s still quite a hefty number for months that include holidays and icy weather. Are you considering selling your home soon but concerned that winter is creeping in and the holidays are upon us? Here are a few reasons why selling this time of year is not such a bad idea after all.
Internet Searches are Never Seasonal
Internet searching is always convenient regardless of the season. Jumping online to search for homes is usually the preferred method for folks and a cozy option when the temperatures dip and most certainly when COVID-19 is lingering. Most people are doing the basic brunt work of their house shopping in the convenience of their space, jumping on their tablet in the evening before bed, or on their phone in the car while waiting for their kid’s practice to finish. This is a great reason to have an experienced realtor put together a solid marketing package for your home that includes an exceptional description, focused points on what makes your place standout, and high-quality photos that make your house rise above the competition.
Limited Inventory, Low-Interest Rates & Fewer Buyers
Denver’s market continues to stay hot. First-time buyers are anxious to buy their first place while interest rates are low. Those with smaller homes are realizing a bigger home could be advantageous during a pandemic for squeezing more folks into one living space. And because overall inventory is so low, it allows for homes that are on the market to pique more interest - your home is in a smaller pool of inventory which makes it more likely to be seen by serious buyers who are ready to make an offer.
Working From Home & Time Off
COVID-19 has forced adaptability to people’s schedules which hasn’t been a bad thing for selling real estate. It’s allowed many people a little more flexibility in their workday for time to search the MLS or squeeze in a virtual home tour. This could be in part why homes have been flying off the market at record pace as more people have used this time in between zoom calls and virtual meetings to check out properties and then move forward on making an offer. Plus, holidays are here which means time off from work for many folks, giving serious buyers an opportunity to put in more time to search for a home.
Year-End Tax Breaks
Maybe not the central reason for buying a home this time of year, but another perk for sure is year-end tax deductions. Homebuyers can write-off certain expenses incurred with purchasing real estate. These include mortgage interest, private mortgage insurance premiums, and real estate taxes. And even more tax deductions are possible if you’re selling your home and buying another before this year comes to an end.
A Couple Final Tips
With cooler temperatures and the holiday season upon us, stage your home with decor, but keep it simple rather than allowing it to overpower your space. A beautiful wreath on the front door, a Christmas tree in the living room, and a wintry tablescape are just enough to ring in holiday cheer so a buyer can still see your space without too much clutter. Warm-up your home by lighting a fire in the hearth even if it’s only for your virtual video tour. Work with your realtor’s marketing team to take listing photos when snow isn’t covering your home. Buyers formulate an opinion of your home within seconds of seeing it. And finally, make a good first impression and increase your curb appeal by raking leaves, cutting back dead foliage, clearing away debris, and making sure paths and steps are snow and ice-free.