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Why 2020 Is the Year for a Holiday Home Sale
Does the thought of selling your home over the holiday season intimidate you? In past years, many buyers have wondered whether selling in December is a good idea. And whether you've got Minneapolis homes for sale or Saint Paul homes for sale, it's important to time things right.
You might have heard that the market is slower at year's end; that showings can interfere with holiday plans, or even that harsh winter weather can keep buyers from your doorstep.
2020, however, brings us a winter selling season unlike any other.
In short: Not only is this the best holiday season in years to go forward with your sale, it may be the best time to sell period. A unique combination of economic factors is driving a sellers' market that's enormously favorable to your plans – like no other time in decades.
And this window of opportunity will likely close by the start of spring. What is it that makes this holiday season unique for sellers? Let's take a closer look.
- Interest Rates Remain at Staggering Lows
In a complex economy, buyers have been stunned by their good fortune as mortgage loan interest rates have continued falling … and falling … and falling for months. Rates are still quite low, motivating more buyers to make their move. Buyers are finding that they can finance more money than planned and still save. That motivates them not to settle for anything less than a home they'll love. - There Are Too Few Sellers on the Market
The ratio of buyers to sellers on the market is so skewed, homes can easily attract bids from two, three, or even more buyers. That can lead to a lucrative bidding war, giving you a chance to close faster and exceed your hopes for a final selling price. Yes, drumming up initial interest still takes a little time, but with virtual tours and other modern strategies, your listing is positioned to stand out. - Space-Starved Buyers Are Eager to Move
While there's reason to hope that 2021 will see huge progress against the coronavirus pandemic, today's buyers are acting on their needs right now – and they need space more than anything else! Families are stretched to the brink looking for places to study and work throughout the house. Even a home that hasn't attracted much attention before may sell fast if it meets these new, unexpected needs. - Home Prices Are Robust in the Twin Cities
Home prices have been steady or rising throughout much of the United States. That's astonishing when you consider that a huge demographic realignment is underway – thousands of people are moving out of cities for lower costs of living. Despite that, Minneapolis and St. Paul continue to attract residents with their vibrant, diverse economy and unmatched amenities in dining, culture, and shopping. - Market Trends Still Have Some Runway
These market trends are still strong, but they're reaching the end of the line. Whether the economy starts to bounce back in 2021 or not, things will begin changing in January. Worsening unemployment might finally slow the real estate market. A robust recovery might also mean sellers need to work harder to attract buyers. If you're confident you want to sell, now is the time to move forward.
In an average year, it might be a good idea to slow down and take stock of the situation before committing to a sale in December. In 2020, it's time to dive in with both feet. Counselor Realty can help you make the most of this unique selling opportunity. To learn more or get started, call today.