Inman February 16, 2023
Seller
With less inventory on the market, buyers don’t have many houses to choose from, and less competition means all good things for sellers — more money, and a faster sale. It’s true that property values have gone up, and inventory has been low for a long time, but it’s about to get even lower.
For the savvy buyer who is knowledgeable about taxes, they may be looking to purchase a home before the end of the year because of the tax advantages they will be able to claim.
By getting into contract and closing before the end of the year, they can write off mortgage points on their taxes, as well as the real estate taxes (by paying six months in advance) and the mortgage interest (again, some of that gets paid off months in advance).
Check with your CPA for more tax advantages you can share with clients.
People who are transferring locations for their jobs usually get notice of the transfer around this time of year.
One thing to keep in mind about relocating buyers is that their commitment is heavily based on time, not price. They have a timeframe for their work, so finding something quickly is key, even if that means paying more.
Any other time of the year, a homeowner is expected to keep their schedule wide open to ensure the home can be shown. However, during the holidays, it becomes more acceptable to restrict showings to only evenings or weekends, or certain days of the week.
It can be preferred for the homeowner, though this is the one time of year it won’t negatively impact the sale of the home.
Those homeowners who get a jump on getting their home sold can take advantage of the flood of homes on the market post-holiday as a buyer and be able to buy without contingencies because their house will already be in contract.
With more choices because of more inventory, they might even pay less and move their offer to the top of the list because of their lack of contingencies.
I have found that among real estate agents, there is such a thing as good, better, and best. Good agents work hard, and they do a pretty good job. Other agents work hard, but they manage to have that extra industry savvy that puts them above average.
However, once the end of the year approaches, these good and better agents often shift into “holiday mode.” They aren’t working as hard because they are becoming more focused on enjoying their holidays and time with family.
It’s the best agents who keep pushing and working hard through the holidays —because they know this is one of the best times of the year for a homeowner to sell their home. And they are committed to helping clients understand that —because it’s in the homeowners’ best interests.
A homeowner who chooses to hire an agent that is so committed to helping them that they work through the holidays is a gift — as is what you do for them. When you are coaching them through their options, you can point to some of the reasons we’ve outlined in this article to find the ones that most resonate with them. Some will fit their situation better than others, so those are the ones you should focus on.
Be that “best” agent who is committed to the homeowners’ best interests, and if selling during the holidays is truly what is best for them, then they need to understand why. Good luck, and remember to serve, not sell and coach, not close.
Stay up to date on the latest real estate trends.
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