See Why Winter is an Optimal Season to Sell Your Place!
Spring might just boast the peak house hunting season, but it is an unspoken truth that it is actually a wonderful idea to list your property for sale during the coldest season of the year. Research conducted by Redfin has proven that the average sellers net more above the asking price during December-March than they do during June-November. In addition, properties listed during the bitter frosty seasons tend to have a sold sign plastered over them faster than those listed during spring!
While it is true that spring brings out the buyers, it actually brings out even more sellers as a large proportion of sellers are conditioned to list their properties during the warmer months, thus the spring real estate market can be extremely harsh on properties that are anything less than perfect. With more competition, the buyer will have a lot more houses that they can use to compare yours against, thus increasing and accentuating your property’s flaws. This results in a supply and demand ratio that definitely doesn’t swing in the buyer’s favour, so be sure to read on all the other reasons why winter is the prime time for a seller looking to sell their house.
1. Interior and Exterior Décor
If you place your property up on the market during the holiday season, it is going to look absolutely stunning with all that festive décor, sparkly lights and spruced up rooms (need to impress any visiting guests!) In addition, if you have a fireplace, living room or a bare backyard, then this can actually work in your property’s favour during the winter. Simply spread some fluffy blankets across the couch, light up the fire and create a romantic environment for the buyers to fall in love with.
2. Less Competition
It is almost unanimous that the majority of homeowners will want to wait until Spring before listing their property on the market, however, you don’t have to be a smart-mouthed Economics professor or a Wolf on Wall Street to know the golden supply and demand rule of thumb i.e. when the supply of houses on the market is low (during the winter), then the demand for them increases. Hence, if you want to sell your property during the seller’s market, as opposed to the buyer’s market, winter is the time where things will work in your favour!
3. Better Finances
It may be a smarter idea to sell your home during the winter season because these sales do tend to lean towards the more successful side as the majority of people have a much clearer view of what they can financially afford by the end of the year.
4. New Beginnings
Everybody associates January 1st with New Years and what do we do on New Year’s? Well, we make New Years resolutions! The beautiful month of January is the time known to us as the period of new beginnings. So in between all those visits to the gym, shacking up all those healthy habits and cutting costs around the house, starting afresh in a new home might be something that they’re looking for. In addition, if you are itching to move to a different neighbourhood or start afresh somewhere else, then this may just be the prime time for a brand-new start for you!
“Motivated” is a popular slang for realtors to call buyers. It holds particular truth and significance during the cold and bitter winter season because these buyers need to buy whereas buyers during the comfy spring, summer and autumn months have a whole lot more time to have an easy, breezy browse. How many people are seriously going to simply brave the snow and ice to “kick the tires” and with the holidays keeping people on their toes and plenty of people needing to travel/entertain visitors, asides from the fact that they want a house, there really is little motivation to pack and move in the cold if they aren’t serious.
6. Faster Sales
While this might sound counter intuitive, winter actually boasts faster home sales. This is because most people don’t want to have to go through viewing after viewing just to grab a couple more measurements, pictures or opinions from other family members. Buyers are set on buying, getting the process over and done with and nestle down in their comfy abode as soon as possible.
7. It’s the Peak Seller’s Market
In addition to the above, one of the key advantages of winter is that when you sell your property, even though you will have less competition on the market, the buyer on the other hand is going to have a lot more. After all, with less homes (supply), the demand (buyers per home) will be a lot higher. Therefore, with more competition, if they are extremely keen on purchasing your property, then they will be much more likely to place offers that are higher.
8. Home Loan Efficiency
Due to the property market boasting a smaller number of houses on the market during the cool, frosty, winter months, lenders tend to be a lot less busy. This means that when your buyers are ready to sign the contract, the finances on their side will most likely be processed a lot faster and with that, everyone can complete the closing a lot more efficiently and with a lot less stress on board!
If you’re interested in selling your home this winter, book an appointment with one of our expert agents today!