What’s the best time to sell your home?
While the winter is often labeled as an unideal time to put your home on the market, there are undeniable benefits that come along with selling your home in the winter. Sellers are hesitant to put their homes up for sale during wintertime, thinking there will be fewer buyers and less people willing to come see their property in the cold and snow. That is not necessarily true, as stats show year after year that January and February can be two of thestrongest months, and a combination of factors can prove beneficial to sellers and buyers alike. Here’s what you need to know about buying or selling a home in the winter.
Serious and Motivated Home Buyers
People who are looking to buy a home in the winter tend to be more serious and motivated buyers. Since there’s lower housing inventory and homebuyers will have less properties to view, buyers become more motivated to put in an offer. They’re less likely to be “window shopping” and tend to move faster in the purchasing process. Think about it this way, if potential buyers are willing to put on their coats and boots and come see your home in the dead of winter, they’re likely serious about making a purchase.
Less Competition for Sellers
If you put your home up for sale in the winter, you’ll inevitably have less competition, so you’ll have an edge on your market. Many sellers wait until the spring to list their properties, following the misconception that winter isn’t a good time to sell. Winter months always see a reduction of the number of homes up for sale, so if you’re worried about competition, this is the perfect time for you. Serious buyers are out on the hunt throughout the winter in order to be ready for a spring or summer move and with fewer homes to select from, you have a higher chance of receiving an offer. With that in mind, be sure to get your home readynow and to have it presenting itself as a warm, cozy, perfect family home.
Less Bidding Wars for Buyers
Along with less competition for sellers, there is less competition for buyers looking for a home in the winter months as well. While shopping around for a home in the spring and summer could bring the dreaded bidding wars, buying a home in the winter reduces your competition and helps you avoid inflated home prices. If you’re flexible as to when you can purchase a home, buying in the winter is a good call, allowing you to negotiate properly and without the undue pressure of bidding wars on undeserving homes.
The Three-Month Average Rule
Keep in mind, that even if buyers aren’t ready to move in the winter, those who are looking to move in the spring will start looking about three months ahead, making the winter the perfect time to list your property. Think of it as being similar to retail stores. They start selling winter coats in August even though you don’t wear them until November, and you start seeing bikinis in February even though you don’t wear them until June. Homebuyers will start shopping around before they’re ready to move, so make sure your home is in their head when the time is right.
Selling and buying your home in the winter comes with benefits that can’t be denied. If you’re ready to put your home up for sale, the winter season is a great time to do it, as buyers will be on the hunt soon. And with spring just around the corner, what better time to have sold your home or to be a proud new homeowner.