Spring is traditionally considered the best time to sell a home. But with record low inventories in 2020, we are anticipating pent up buyer demand and the “spring season” to start even earlier – like in the winter! Serious home buyers will begin to logon after the holidays in search of their dream home. Savvy homeowners may want to consider marketing their homes in January to beat the competition. Below are some pros and cons from on selling in winter.
Benefits of selling a home in the winter
- Motivated buyers: While more buyers are looking in the spring and summer months, the buyers actively shopping for a new home in the winter are likely very motivated — often moving because of a job relocation, change in financial situation, or change in family needs. Many are eager to get into a home before the holidays. And some want to buy before the end of the year for tax reasons.
- Less seller competition: With fewer homes on the market in winter, there’s less competition from other sellers, and a limited inventory for buyers. This could yield a higher sales price.
- More time off work: People tend to take time off work during the winter, and three-day weekends like MLK Day and Presidents Day can be popular home shopping days.
- More attention from agents: When agents have fewer listings, sellers receive more of their undivided attention. The same goes for buyers’ agents — they have more time to arrange showings and negotiate deals.
Challenges of selling a home in winter
- Lowball offers: Buyers may think winter home sellers are desperate to offload homes, so be prepared to field lower offers than you might during other times of the year.
- Curb appeal is limited: In the dark, dreary winter months, it’s a challenge to show off a home’s exterior, especially landscaping.
- Less likely to get multiple offers: In the busy spring and summer season, sellers often find themselves in multiple-offer situations, where they’re able to pit multiple buyers against each other to increase the final selling price. This may be less likely to happen in a slower selling season.
- Some home flaws are more apparent: If a home is drafty, dark, or leaky, these flaws tend to show themselves more dramatically during the cold winter months.
Whether you were considering selling your first home for your forever home, or are a first time home buyer, now is the time to put a plan together to reach your 2021 real estate goals. We are always available for zoom and phone consultations. If you are in the information gathering stage, we have home seller and home buyer resource guides. Request one anytime.