Many people see the summer as real estate’s prime selling season. There’s a lot of truth to that, in large measure because parents want their children in place at the start of the new school year.
That said, homes sell year-round, and they sell in big numbers.
In fact, there’s a case to be made that selling during the holiday season—say from late November to mid-January—might well be a good and profitable idea. Besides the fact that homes are often beautifully decorated for fall and winter holidays, and that Tampa Bay hardly has a winter that would keep people indoors, here are six important reasons why selling during the holidays is a great idea:
Figures from the Census Bureau show that as many as 77.8 million U.S. households include no children under 18. This tells us that tens of millions of potential buyers are perfectly able to move at any time of the year without school schedule worries.
2. Inventory levels remain low.
The latest Greater Tampa REALTORS® market update shows a fairly consistent 2.7 month supply of unsold homes, for both 2017 and 2018. The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months. This means that sellers still have a lot of buyers for their home, even during the holidays.
3. When people have to move, they have to move.
We live in a changing economy. If a good job opens in a distant location, would you turn it down because it’s winter? Tampa Bay grew by about 55,000 people in 2017 and continues to be in the top 10 of metro cities for population growth. It’s hard to imagine that such migration didn’t involve many job-based moves, as well as people who bought homes during the holiday season.
4. Taxes may cause people to move.
For some borrowers, it may be important to buy and settle in before December 31, so some transaction closing costs can be deducted from that year’s taxes. Alternatively, if closing takes place January 3, the benefit of tax deductions may be delayed for a year. Speak with a tax professional for specifics.
5. You can save money by selling during the holidays.
Let’s say you have a home with a $2,000 monthly mortgage. The prime selling time in your area is June and July, but what if you put the house up for sale in November, December or January? If the house sells, you may be able to avoid six months of mortgage payments—in this example, $12,000. That can be a good deal, especially if you are downsizing, if it also means you can get to your replacement home more quickly.
6. Wallets are often brimming with cash during the holidays.
It’s tough to assemble money for a down payment and closing costs, but for many households, the time when savings are strongest occurs at year-end. This happens because the holiday season is often associated with overtime, gifts, tips and bonuses, meaning that bank accounts can be a little fuller than they might otherwise.
So the next time someone says real estate doesn’t sell during holidays, remind them of the $1.2 billion in Tampa Bay home sales in 2017, ($1.3 billion as of August 2018) as well as the many reasons buyers want to buy—and sellers want to sell.
Mary Ann Porter 813-244-2288 As the Managing Broker of Tomlin St Cyr and Associates, Mary Ann is dedicated to supporting, mentoring and encouraging our agents to strive for absolute excellence in their real estate careers and their dealings with clients, other agents and all involved in today’s complicated world of residential real estate. Having lived in Tampa for nearly four decades, earning a Bachelor of Science Degree in Business Finance and selling real estate for more than 25 years, she brings a level of education, experience and knowledge that she shares with our agents each and every day. At Tomlin St Cyr, our goal is to ensure that our agents provide a level or professionalism and integrity second to none and always have their clients best interest at heart.