Find Out Why Winter is the Home-Selling Season
Gone are the days when people considered spring as the ideal season for selling homes. If you have selling plans on your mind, you do not have to wait for the spring necessarily, and you could start away in the freezing months of winter.
Home selling in winter has been seen getting hassle-free in many regions of the United States. As stated by ‘realtor.com’, a real estate information company, the median listing price has witnessed a nationwide ten percent increase from February 2017 to February 2018!
Real estate prices rise on a continual basis. Housing markets require putting in extra efforts for enough inventory to satisfy buyers needs. As a result of such conditions, serious home buyers aren’t restricting themselves for spring to arrive; they tend to surf the market throughout the year. It seems to provide a boost to home selling in the holiday season.
Gretchen Rosenberg, President and Chief Executive Officer of Kentwood Real Estate, a Denver based firm, and also a member of the Denver Metro Association of Realtors, claims that, ”It’s a misnomer that the market doesn’t pick up until late spring. The Denver region rarely sees a market slowdown in winter and prices more likely erupt during the winter and the early months of spring, i.e., February, March, and April respectively.”
What Do The Experts Have To Say
You, as the seller, are more likely to seal a beneficial deal if you put up your home for sale in the winter. President of the Orlando Regional Realtor Association in Orlando, Florida, Mr. Lou Nimkoff advises potential sellers that they make sure their home is on the market price listing before the year-end. He further states if the sellers are looking to close the deal in the spring, make sure the house is available for sale in November or December. It will ensure they come across the right buyers who are already on the move.
Generally, sales are achieved around the year. Yes, for any industry apart from retail, there are favored seasons for sale and getting business during the off-season could be tough, but not impossible. Rosenberg says she has managed selling houses, once on new year’s eve, and once on Christmas Eve.
The key point here is that potential buyers are always on the lookout, even during the holiday season, for the right house!
The start of the new year is considered auspicious by eager home buyers. You should engage with a real estate agent if you want to put up your home on the market. It will help you get the property all done up to attract the attention of the winter home buyers. That primarily includes proper maintenance during snowfall, a leakage-proof roof and unclogged plumbing to avoid pipe bursts due to snow.
It is true that home buying is broadly associated with seasonality. If you are selling the home in winter, you must make sure it is rightly priced, in tune with the market. This is because the winter months aren’t the right time to test the market, or to put a high price on the property. If the home is rightly and realistically priced, it will help in attracting the right buyers to your home.
Grabbing the attention of potential buyers depends extensively on where you live, and the weather it is surrounded by. Orlando boasts warm weather throughout the year, whereas Denver prone to snowfall followed by sunny days. The housing markets in the Midwest and New England cities, that witness regular snowstorms in winter, are more likely to suffer a hit, says Rosenberg.
A Few Reasons You Can Count on Winter Getting You a Good Deal:
Following are the five legitimate reasons, why you should opt for winter as a home-selling season.
1. There are serious buyers out there:
Winters are usually busy, since holidays are just around the corner. And it gets busier, if you are planning to sell it. After all, it takes a while to prepare your home for the right buyer. Buyers, too, could be thinking in the same manner!
As Nimkoff says, “For you to take time out of your day to find a home that works for you in your area … you’re probably a pretty serious buyer.” There’s pretty much a possibility that you may encounter buyers more interested in buying and touring houses in spring. However, if winter buyers are scheduling house visits that means they are looking out for the right home.
2. It’s a short span until spring:
If at all you unable to find the right buyer in winters, spring is just around the corner, and it brings an overwhelming number of buyers who are looking for their ideal house. You are supposed to keep the house fresh and well-organized for the expected lot of buyers as spring follows. Your home is still a live option for all those who haven’t seen your listing yet.
3. Buyers tend to stress less on an older market listing:
So what if a house has been on the market list for a long time? As long as buyers are hunting for the right home, they don’t care about the listing period much. In the peak selling season time, if a house hasn’t seen an offer for 50 days can put buyers at bay. They assume that there could be something wrong with the house, and put off their buying decision.
Technically, if a house with offers is on the market for more than two or three months, it indicates a red flag. Winter listings are likely to stay longer on the market but should not put off the buyers.
A report by Realtor.com suggests that the houses sold in February 2018 had 83 median days on the market, while 55 median days were observed for May 2018 on the market. A descent in days has been noted, as compared to 2017 for the same time periods.
4. Fewer buyers to compete with:
Home selling is on your mind because you are probably looking to buy a new one. You stand a chance of gaining the benefits of less competition, as you avoid the ever preferred spring season to buy your next home. You will be in a better position to negotiate prices!
5. A practical idea of listing price on the market:
When you put your house for sale on the market, there’s a possibility that you see nearby properties on the list as well. They might be priced in the same window, or slightly below or above recent sales, to make sure they attract the best buyers.
Ensure that you work on the same strategy and market your home based on the latest sales of comparable properties nearby. The idea is to be realistic while putting the house on the market.
Consider selling your home in the winter… Who knows, the buyer you are looking for could be just around the corner, searching for an ideal house!