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We meet The Balsano family. They are all getting together at the old family home. It's a huge family gathering, complete with dads talking about robots, baking, grandma, and kids playing video games. We see in the basement, there is a "for sale" sign that's kind of been put in a corner. They all rush outside to cheer as firetrucks speed down the streets, all decked out in Christmas lights. And, of course, Santa Claus. Afterwards, we find out that not only are the parents secretly selling the house, but it's already done. 
They come back inside, eat dinner , and do Secret Santa. As the rest of the family sits down to watch old home videos, two of the teenage girls, Emily & Michelle, sneak out to hang out with their friends. As they speed down the back roads, we see some police officers going full speed gun mode on Christmas Eve. But they don't care. They don't do anything.
They meet up with some other teenagers. They all meet up at a diner and then go get some beers. One of the dumb boys ends up throwing one of the beers which lands on a windshield in the parking lot that shatters. The cops are called but they're too busy talking about their hypothetical feelings for one another to do anything about it. 
The teenagers scatter and go to make-out point where they all just kind of pair off into the back of cars. 
Emily grabs her bag of bagels and heads home as one of the family members falls asleep on the piano.