In a year unlike any other, the real estate market has seen some remarkable twists and turns. While businesses closed, restaurants faltered, and stores relied on online shoppers to survive, the real estate market paused, for a couple of months, and then surged ahead to record sales not seen since the end of 2017. No one quite expected a pandemic to bring house sales back to its peak. Now, as the holidays approach, can we expect a typical “holiday” selling season?
According to Cindy Avis of RE/MAX Aboutowne Realty Corp in Oakville, the holiday season can be a great time to sell your home. “Homes look beautiful, smell wonderful and are picturesque during the holidays,” says Cindy. “And you’re going to attract serious buyers.” Most house shoppers who are merely browsing take a break during the holiday season and spend time with family and friends. Those who are motivated to buy will be out in full force and have more time to shop with less competition.
The dynamic of social gatherings has certainly changed this year, and so it is difficult to predict how this might affect people’s motivation to buy or sell during the holidays. “It’s hard to know what this Christmas season will look like with the pandemic,” says Cindy. “We’ve seen the market rebound to pre-pandemic levels during the summer and fall, and the market doesn’t show any signs of slowing.” Cindy also points out that many snowbirds will not be travelling south to the United States this winter, and it is not clear how that might affect the market. “While we don’t know how the holidays will look this year from a sales perspective, there has been a definite trend towards family spending more time at home with loved ones.”
During a typical year, spring and fall are the busiest seasons, with winter and the holidays seeing less activity. For Jennifer Brazeau-Barg of Royal LePage Meadowtowne Realty, listing during the holidays is not a casual move. “Most people listing in December are motivated to sell,” says Jennifer. “It’s important to understand the motivation of the seller and work with them, so they understand the advantages of selling at Christmas and how to take advantage of this magical time of year.”
Jennifer recommends having photos taken of the home before decorating for the holidays, and once the home is holiday-ready, in case the listing lasts longer than the season.
“We don’t know if this holiday season will look any different than in previous years,” Jennifer explains. “The low interest rates have kept the market going, and many families are choosing this time to move out of the city to find more land, a bigger home with office space, or are making a complete lifestyle change. There are many reasons people are moving during this pandemic.”
Sellers are often reluctant to list during the holidays since it is not always convenient to show their home, but this year with fewer family gatherings, that may not be a factor. Online virtual tours also give buyers a chance to research homes from the comfort of their living rooms before booking a showing, making it more convenient and less intrusive.
With fewer gatherings and family functions due to the ongoing threat of Covid-19, it’s difficult to predict whether homeowners will spend more time looking at homes or will prefer to spend the time at home with their family.
Whether you choose to sell during the holidays or decide to wait, it’s important to consult with a realtor to get the scoop on your neighbourhood and what the trends suggest this year, as well as get some great hints about how to showcase a holiday home.
