Spring is generally the most popular time of year to sell a house, with hordes of buyers looking to move into a new place before the school year begins. But if you decide to sell your home during the winter, experts say you could reap a reward in cold, hard cash.
6 Reasons why you should consider selling when the temperatures drop.
1. Low inventory = less competition
Since spring is the most popular home-selling season, the housing market is ultracrowded with options at that time of year. And if you paid attention during Econ 101, you understand the law of supply and demand.
Most sellers still think they need to sell in the spring, but that means there is more competition for buyers’ attention. But in the winter, there are fewer homes for sale. That competition over low inventory can make winter an ideal time to sell your home.
Selling in the winter also gives you the opportunity to show that a home is designed to handle the harsh elements.
Plus, during winter months, homes with features like fireplaces and hot tubs are certainly more appealing.
3. New parents may be looking to upgrade
The baby boom in September may lead to more buyers later in the year. According to data from the Center for Health Statistics and the Social Security Administration, there are more birthdays in the month of September than any other time of the year. Therefore, there’s likely to be a crop of growing families looking to buy a larger house.
“Once baby is home and settled, these parents may want to start the year in a new, and more spacious, family home,” according to Melissa Temple, real estate adviser and partner at Engel & Völkers in Aspen, CO.
News flash: Not everyone looking at houses intends to make a purchase. Some people are contemplating moving and may just want to see what’s on the market. Since more homes tend to go on the market in spring and fall, this is also when window shoppers are likely to be out looking.
When buyers looking for homes in January and February, they’re real buyers looking to make a purchase—especially if it’s a great house. They don’t want to take the chance of waiting until spring and losing out on the home.
As a seller, year-end performance reviews could mean that more people have money to spend on a home.
“End-of-year financial bonuses or workers retiring with large payouts could mean opportunities for these buyers to upgrade their living situations or for first-time buyers to enter the housing market,” according to Temple.
You could also encounter buyers who are relocating for a job.
One of the biggest months for corporate relocation is January/February, so those buyers, who need to move quickly, are out in full force looking for new homes,” Baldinger says.
Relocators typically have a limited amount of time to uproot their families and, as a result, don’t have the luxury of spending a lot of time looking at properties. The kids need to get settled into school, and dealing with selling their old home can add another level of urgency and stress. So it’s likely that once they find a home that meets their requirements, these buyers will be ready to sign on the dotted line.
It’s so important to work with an experienced real estate agent to price your home. The right agent will know what listing price is best for your home, and how to get you the most amount of money for your home sale no matter what month it is.
Looking to Buy or Sell this Winter?
We should talk. We would love to guide you through the home-selling and/or buying process as soon as possible.