It’s no question. The fall and spring markets are great times to list your home for sale. But it’s a common misconception that the winter is a doldrum of activity. It’s actually quite the opposite, besides the holidays the winter real estate market presents a unique and significant advantage to the right buyers and sellers.
In today’s blog post I’m going to highlight some reasons why you might want to get involved in real estate this winter, instead of waiting until the spring market.
There’s Far Less Competition – It’s true, the winter real estate market has fewer buyers than other times of the year. But with comparatively fewer buyers actively looking for homes, there are less people to be in competition with when the time comes to make an offer on a home you love. Should you find a home that you like and want to place an offer on, you most likely have a smaller buyer pool to beat out, potentially getting a better price.
Lower Prices – Often when the temperature drops, so do home prices. For those sellers who are motivated to sell their property sooner rather than later, the colder weather means paying increased energy expenses, removing snow and other weather related duties which just may give them an incentive to be willing to negotiate and sell quickly.
Motivated Sellers – There can be properties that didn’t sell in busier fall markets that have survived the holidays. With that being said, these sellers can often be more motivated to sell having carried their home into the winter market in the end getting you a better deal.
Home’s True Colors – In the winter season you will see a property’s true efficiency. Are there colder rooms? Drafts from doorways? Puddles that freeze in the walkway? Seeing how the home fares in the coldest season can give you an idea of what you may have to anticipate with weatherproofing efforts or heating expenses. Conversely, it’ll also showcase homes that offer superior insulation and windows.
You Have Less Competition, Too – What better time to choose to sell your home when there is less competition? Many other sellers are going to wait until the spring market to list their homes. Take full advantage of this. With fewer homes on the market, you’ll be able to take advantage of relatively high demand and low supply. Some buyers don’t want to or can’t wait until inventory increases.
Real Buyers are Active – The winter tends to weed out buyers who are less serious. Less serious buyers who don’t necessarily need to move tend to take a break during the winter and wait until spring market. However, those who are both serious or need to make a move sooner are going to be looking 24/7 regardless of the season. Taking advantage of this may just get you the right buyer.
Bonuses and Gifts – At the end of each year companies are handing out bonuses. Once we ring in the new year, some of these recipients are better positioned financially to begin their search now that they have some down payment funding. Another phenomenon that happens at this time of year is when renters start looking at their taxes and revisit the benefits of homeownership and deductions.