Spring is known to be a popular time of year to sell, with an abundance of buyers looking to move in the new year. But selling your home during the winter has its pros too, and the idea that the market is extremely tough in the winter might just be a myth. The truth is that there is never a wrong time to sell your home. Here are four reasons why you should consider selling when the temperature drops.
Less Competition
During the spring, there is a lot of inventory on the market ie. lots of options for buyers. This means that if you list your home during the winter, there is less competition for buyers' attention. Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. That competition over low inventory can make winter an ideal time to sell your home.
Serious Buyers Are Out During Winter
Not everyone who looks at homes for sale is planning on buying soon. Many people just want to see what's out there in comparison to their home. Since spring is the time of year where there is the most inventory, this is typically when these "casual lookers" come out. But during winter, purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere ‘lookers,’ because these people will be busy shopping for the holidays. This may mean that there will be fewer people at your open houses, but instead of having 20 people who are just curious, you'll have 8 serious buyers.
Year-End Financial Bonuses & Corporate Relocation
With some people getting year-end bonuses and performance reviews during the holidays, they may have that extra money to spend on a home. This means that first-time buyers are more likely to be entering the market around this time. Additionally, one of the biggest months for corporate relocation is January, so you could also encounter buyers who are relocating for a job. Buyers who need to move quickly are out in full force looking for a new place to live. So, once a relocation buyer finds a home that meets their requirements, they'll be ready to sign on the dotted line ASAP!
New Parents May Be Looking to Upgrade
September is a booming month for babies to be born. 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 is likely to be a crop of growing families looking to buy a larger house.
If you’ve been debating whether or not to sell your house and are curious about market conditions in your area, contact me today!