3 Reasons Why November Might Be the Best Month to Sell
Some owners hesitate to market their homes between Halloween and New Year's Day, believing the holiday season to be an off-peak time to sell. But the idea that houses don't sell in November and December comes from outdated historical trends. In fact, several studies show that, on average, homes listed during this time are more likely to sell, sell more quickly, and sell closer to the asking price.
November, in particular, has some unique advantages that make it an ideal time to sell. Here are three reasons why Thanksgiving month might be the best time to sell your home.
More Motivation: The idea that homes sell best in spring and summer stems from the fact that parents want to wait until summer to move school-aged children. But today, many buyers don't have children, so their decisions aren't based on kids' schedules.
If buyers are looking for a home in November, they've either waited through the busy season in hopes of a better deal, or they're facing their own time constraints due to work changes or other reasons. For these highly motivated buyers, the traditional barriers to winter house-hunting -- bad weather, short days, holiday preparations -- don't apply. If your house is available for them to view in November, these buyers are more likely to make an offer close to listing price.
Less Competition: Because of the misconceptions about selling during winter, it's true that many sellers don't think it's worth their time to try to sell their homes toward the end of the year, so they take their homes off the market. Their loss of a potential buyer is your gain!
Serious buyers have fewer homes to choose from over the holidays. That means less competition for you -- and more buyers checking out your even more desirable home, either online or in person.
Tax Benefits: A house marketed in November may lure buyers looking for year-end tax breaks. Buyers looking to lower their taxes may snatch up a home late in the year so they can deduct home purchase costs. That includes points, interest and property taxes.
And if an investor sold a house during the traditional summer selling season and faces capital gains tax on the deal, that person may be highly motivated to strike a deal in November since closing on the purchase of another property within 180 days allows the investor to avoid paying capital gains tax.