December 2023 San Mateo County Market Update
Is Your House the Top Thing on a Buyer’s Wish List this Holiday Season?
Every year, homeowners and home buyers contemplating a move face the decision: act now or wait until after the holidays? While some may pause or remove their listings, the holiday season can actually be an great time to sell. Plus, most buyers search for homes online. After family meals and gatherings when people are in a warm and fuzzy mood, browsing for homes, it could be an opportune time for you home to show up in their search. Buyers, too, can find opportunities during a time when many are on vacations and there is less competition compared to busier spring and fall markets.
According to Dave Ramsey, “If you checked the numbers, you’d find that plenty of homes are sold during the coldest months of the year. From December 2022 to February 2023, nearly 800,000 homes sold in the U.S. That’s a lot of houses!”
So if you’ve been wondering whether to put off buying or selling a home until spring, we recommend don’t wait, there are several advantages to buying or selling this winter.
Here are four reasons why you should sell or buy your home during holidays!
Less Inventory, Less Competition
Winter really is a sweet spot. When spring time hits, the real estate market transforms into a crowded battleground with numerous options. This makes it difficult for sellers to stand out from the crowded marketplace, and puts buyers in a squeeze competing against potentially multiple other buyers. In winter though, there are fewer homes on market and fewer buyers out and about with the intent to purchase, so competition for both sides dwindles. As a seller, this is an ideal time to have your home standout, and as a buyer this is a great chance to shop for a new home in a less competitive environment.
Appealing to Growing Families
How many family gatherings have you been to that are just busting at the seams? Not enough chairs or space at the table, some people brave a cold patio or huddle on the couch. After a packed family event some may look to have more space for next year’s gathering. To add to the mix, more babies are born from July to October than any other time which sets the stage for more families looking to upgrade their homes later in the year. Melissa Temple shares with REALTOR.com, “Once baby is home and settled, these parents may want to start the year in a new, and more spacious, family home.”
The Year End Brings out Serious Parties
While some people go out casually looking at home in the spring and fall months, imagine how serious a potential buyer is navigating through freezing weather or taking a break from holiday festivities to explore your home. Winter buyers are often driven by pressing deadlines, such as expiring leases, relocations, or contracts on their current homes. This urgency increases the likelihood of a swift and serious purchase. San Francisco Real Estate Agent Nina Hatvaney shares that “the end of the year can be a good time to buy a home since some sellers may be motivated to offload their property before year’s end. If they’re going to take a loss, they can write it off on that year’s taxes…. the end of the year can weigh on a seller psychologically. They want to know it will be resolved by the end of the year,” she said. In short, in the winter, people want to get the deal done and have less time to fool around.
Make the Most of Festive Free Time
While the holiday season might seem like an unlikely time for home hunting, it unveils a unique opportunity. Contrary to the assumption that people are too busy, many individuals actually enjoy more time off during the holidays. This translates to increased moments for browsing through home apps, envisioning future decor, and even scheduling home showings. Don’t underestimate the power of holiday downtime when it comes to capturing the attention of potential buyers.
