18 Dec Buying or Selling a Home Over the Holidays – Part 2
In part 1 of this blog series, we assessed the benefits of buying a home over the holidays – including quicker sales closing rates and having fewer buyers to compete against. But let’s look at things from a seller’s perspective now and analyze how listing your property throughout one of the seemingly most unlikely times of year may actually benefit you.
Your Home’s Curb Appeal Will Increase
Those outdoor holiday lights and decorations will go a long way in increasing your property’s overall curb appeal. And we haven’t even gotten to its interior! Visiting an eloquently decorated home will not only convey a warm and fuzzy feeling, but it will also play on your buyers’ emotions by reminding them of their own holiday memories. There’s no better way to show off your home than with a fresh coating of snow over scenic lights strung through your property’s trees, the scent of a warm pie baking in the oven, a cozy fireplace, or the flicker of seasonal candles.
There Will Be Less Inventory on the Market
For the same reasons you can imagine that people wouldn’t put their homes on the market throughout the holidays, you will notice that there will be much less inventory on the market at this time of year. This means that you may entertain a higher asking price for your property and take your time while evaluating the offers you receive.
Buyers Might be Looking for End of Year Tax Breaks
It should go without saying that buyers aren’t necessarily looking to purchase a new home simply for a tax break. However, closing on an investment property before the end of the year on December 31st can encourage buyers to use their mortgage interest, property taxes and loan interest costs as tax deductions. You cannot deduct expenses such as loan interest or property taxes on an owner-occupied property. This could be an added incentive for a financially savvy investment buyer to shop over the holidays instead of throughout more popular times of the year such as the spring.
You Won’t Be Dealing with Window Shoppers
Buyers who are looking to purchase a property around Christmas or New Year’s have a clear reason behind their mission. Whether they’ve accepted a new job, are being transferred or urgently have to find a new home due to a variety of other factors, you can be sure that anybody who is willing to spend time away from their family over the holidays is a serious buyer. As a result, this often leads to a quicker sales process from start to finish and saves you any excess time spent with recreational open-house attendees, which is a growing weekend hobby for many Canadians.
Planning to move over the holidays and have more questions about why selling your home throughout this time of year can benefit you? Give Capital Mortgages a call at 613-228-3888 today.