Selling Your Home During The Holidays
People often believe that selling their home during the holidays is a bad idea. It may not seem like an ideal time to list a house, but in reality, there are many benefits to listing at this time of year. Living Houston is here to give you multiple reasons why selling your home during the holidays, when marketed and staged properly, is always a good idea.
Selling Your Home During The Holidays Means Less Competition
Homeowners are often under the impression that no one is looking at houses during the holidays and that waiting until spring to list their home is their best bet. However, what happens when everyone lists their property in the spring is an influx of inventory, which creates a buyer’s market and a whole lot of competition for you.
While the spring may bring you more buyers, which may lead to a bidding war for the right home in the right neighborhood, the winter months have their own advantages. Springtime may bring more buyers, but winter often brings serious buyers. When people need to move during this time of year, it is usually a necessity. If your home is one of the few houses on the market, you not only have a greater chance to sell, but you may be able to command a higher price.
Homes Decorated For The Holidays Tend To Sell Quicker
The holidays generally make people happy. They can conjure warm and cozy feelings linked to their childhood and other joyous memories. This emotional element may be an asset to you as a seller this time of year. If buyers can envision themselves celebrating with their own families and friends in your home, that could mean a quicker sale for you.
Also, communities decorated for the holidays can draw potential buyers, giving them feelings of excitement and anticipation. They may see the neighborhood differently than they would regularly. Never underestimate the power of memories and matters of the heart. Emotional purchases happen very quickly, and you can benefit from that.
The Time Is Now
Timing is everything. The latter part of the year is when people often get notified that they’ll need to move due to a job transfer. That means people will need a home sooner rather than later, leading to house hunting during the holidays. These buyers can’t wait until spring; this allows you to sell quickly at a fair price.
End Of Year Tax Breaks
Paying taxes usually isn’t high on the list of things people love to do. And paying your property taxes in full when you have an opportunity for a tax break probably doesn’t sound very desirable.
Buyers and sellers listen up. Your home must be purchased and closed by December 31st to file for the Homestead Tax Exemption, a property tax break available for home buyers. The Homestead Exemption removes part of your home’s value from taxation, which in turn lowers your taxes. So a home appraised at $100,000 would qualify for a $25,000 exemption; now, you will pay taxes on the property as if it was worth $75,000 instead of $100,000.
However, you can only file for a Homestead Exemption the year AFTER your home is purchased. For example, if you were to buy and close on a house on January 2, 2021, you would not be able to file your Homestead Tax Exemption until January of 2022. You can only file for a Homestead Exemption the year AFTER you buy your house. So if you buy and close by December 31, 2020 you can file Homestead Exemption for 2021.
Why This Works For You
If you’re looking to buy and want to take advantage of this tax credit, buying in November or December can save you quite a bit. If you don’t buy until the spring, you will be paying the full pro-rated amount of taxes on your property until the following year.
This deadline bodes well for sellers because winter buyers will often be eager to close by the end of the year to take advantage of the Homestead Exemption.
Living Houston Loves Selling Homes During The Holidays
During the holidays, it’s to your benefit to list your home with an experienced Realtor to assure that your house doesn’t end up sitting on the market indefinitely. Living Houston is happy to help you navigate this process and offer our expertise to get your home sold fast.