Let’s take a quick, one-question Pop Quiz. Here’s the question: What is the best month to sell your house? If you’re like most people, you’ll say April or May. But guess what? Many experts—defying conventional wisdom and citing new historical trends—now say the correct answer is November. Here are 3 eye-opening reasons why “Sell Your House in November” is now such a smart strategy.
Because so many homeowners assume they can’t sell their homes in the late autumn and winter, fewer homes get listed then. But they’re forgetting one thing that you SHOULDN’T forget: There are always people looking for desirable homes, regardless of the season. This is especially true in Maine, where buyers from “away” have poured into the state since the pandemic began. So if your house is one of the relatively few on the market in November, it gives you a huge advantage. With inventory low, your home likely will have a significantly easier time catching the eye of prospective buyers.
And another important thing: Shorter days and November weather don’t affect Internet searches. So when buyers are searching for homes online, fewer listings will mean less searching to find YOUR home.
Strongly Motivated Buyers
By definition, if buyers are searching for a home in November, they’ve got an excellent reason for doing so. Their search might be triggered by a life or health event in their family—for example, a necessary job relocation—or perhaps they simply didn’t have ample free time until November to start their home search. Regardless of the reason, if buyers are looking in November, there is a huge probability that they are highly motivated to find their new home.
Year-End Tax Breaks for Buyers & Sellers
Another thing motivating home buyers during November are the attractive potential tax breaks they can enjoy, including deductions for points, interest, and property taxes. And a buyer may also be motivated to buy a new home to avoid capital gains taxes on the sale of a house they closed on during the preceding summer.
As a seller, you also enjoy a rich array of tax benefits, including—in most cases—the first $250,000 of your profit being tax-free, as long as you owned and lived in the house for two of the five years before the sale. And if you are married and file a joint return, that tax-free amount skyrockets to $500,000!
A Final, Important Word
Given the economic impact of the global pandemic, the war raging in Europe, and other critical factors, media outlets and financial experts from Reuters to USA Today to the CEO of Goldman Sachs are forecasting a likely recession in 2023. When that happens, the fundamentals of The Law of Supply & Demand will impact any house you wish to sell: fewer motivated buyers and pressure to reduce your asking price. But if you sell your house in November, you can avoid that scenario, while reaping the maximum “pay day” for yourself and your family.
About Maine Source Homes & Realty
Maine Source Homes & Realty is dedicated to helping you find your perfect home-ownership solution. Whether you wish to buy, sell, or build a home, Maine Source Homes & Realty invites you to benefit from our 50 years of trustworthy experience and expertise.