November: 4 Reasons This is The Best Month To Sell Your Home
Homeowners sometimes don’t want to put their homes on the market between Halloween and New Year’s Day. They seem to believe that November, which starts the holiday season, is an off-peak time to sell. This idea is because of some outdated historical trends. Several studies, in fact, have shown that homes listed during this time are, on average:
- More likely to sell
- Sell more quickly
- Sell closer to the asking price
November, in particular, has a few unique advantages that makes it an ideal time to sell. Here are three reasons why the best time to sell your home might be Thanksgiving month.
More Motivation
The idea that it is better to sell in spring and summer stems from parents willing to wait until summer to move school-aged children. However, over half of current buyers aren’t married. They don’t need to base their decisions on kids’ schedules.
Buyers, if they are looking for a home in November, have either:
- Waited through the busy season for a better deal
- Have their own time constraints
Traditional winter house-hunting barriers don’t apply for these highly motivated buyers. You won’t need to worry about things like:
- Cooler weather
- Short days
- Holiday preparations
If your home is available to view in November, they are very likely to make an offer close to the listing price.
Less Competition
Indeed, many sellers don’t think it’s worth trying selling their home at the end of the year. This is due to the misconceptions about selling in the winter months. They end up taking their homes off the market. This is good for you because you will gain the potential buyers they lost!
There are fewer homes for serious buyers to choose from over the holidays. This means less competition for you. This will make your home even more desirable. More buyers will be checking out your listing, either online or in person.
Tax Benefits
Marketing a house in November could potentially bring in buyers that are looking for a year-end tax break. Buyers might buy a home late in the year so they can deduct home purchase costs and lower their taxes. That includes:
- Points
- Interest
- Property taxes
Let say someone sold a house during the traditional summer selling season. They may be facing capital gains taxes on the deal. This could be because they’re an investor or lived in the house for less than two years. This could make them highly motivated to buy in November because closing on another house within 180 days will let them avoid paying capital gains taxes.
More Time to Make Home Improvements
While your neighbors are busy trying to sell their homes, you can be busy giving you home a little extra tender loving care. Although summer is a time for vacations, it is still easy to sneak in some repairs and even minor renovations. Plus, you have the opportunity to attend a few local open houses to see what you house might need to attract buyers in the fall.
Despite the bad rap, November is a great time to sell a home. To learn some tips for November home-selling, give us a call. We’re here to help you sell your home quickly and for the most money possible.