From taking advantage of the market to ensuring a smooth moving process, let’s dive into why selling your home before the year-end can be a wise decision.
Take advantage of the market
The real estate market fluctuates throughout the year, and this year is no different. Winter is a quieter time for the real estate market than the typically busier spring season. However, due to the current circumstances, buyers have been more active throughout the year, and winter might not be as quiet as it usually is. Selling before the year-end allows you to catch motivated buyers looking to move before the holidays or early in the new year. With fewer houses, you could potentially attract multiple offers and sell your home quicker than expected.
Selling before the new year brings possible tax benefits, especially for those who make a profit from the sale. You can exclude up to $250,000 in profit if you’re single and up to $500,000 if you’re married filing jointly when you sell your primary residence, as long as you’ve lived there for two of the five years before the sale. If you sell your house before the year-end, you can take advantage of this exclusion for this year and save on your taxes, which can be beneficial if you’re moving to a new home.
Avoid Holiday Stress
Selling your home can be stressful, and adding the holiday chaos on top of it can increase the strain. By selling your home before the holidays, you can avoid the extra stress and focus on enjoying the festivities with your loved ones. You won’t have to worry about cleaning and tidying your home for open houses or last-minute showings. You can relax and enjoy the season without pressure to keep your home market-ready.
Make Moving Smooth
Moving during the winter months can be challenging, but selling your home before the year-end can help you make a smoother transition. By selling earlier in the year, you can take advantage of typically lower moving & storage service rates and also potentially have more flexibility in your move-in date. This can give you more time to settle into your new home before the new year begins and create a sense of preparedness for the next year.