Traditionally the winter time is not seen as the best time of year to sell your home. That isn’t as true as it used to be, today we live in a digital age and the internet is open 24/7 allowing people to look for their perfect home any time that they want to. If you are thinking of selling or you have to sell because of a job move there are some perks to selling in the wintertime.
Buyers are More Serious
If a buyer braves a polar vortex to come and look at your home during an open house then they are definitely serious about buying a home and they aren’t just there for the free cookies. Everybody checks out open houses during the spring and summer but December and January are about the real buyers. This is better for you as Mother Nature has weeded out those who aren’t really looking for a home.
The Internet is Always Open for Business
Today most people shop for homes on the web rather than contacting an agent to show them around to houses. Sites like Realtor.com or Zillow make is so much easier for buyer’s to shop around the local market and check out the houses that are available. Something like 42% of all buyers shop the web before ever having a conversation with an agent. If you are a seller then you also need to recognize the need to have your home properly listed across the web so that a potential buyer sees your home.
Less Inventory on the Market
We have already established that buyers during this time of year are generally serious about finding a house. On the plus side for you is that there are fewer people selling houses. Less demand means a better price for your home. Often houses that are listed in the wintertime close quickly and aren’t on the market for months at a time.
Yes this time of year is busy, it’s busy for everyone but so what. Moving is always stressful no matter when you do it, but you just have to struggle through it. First work with a realtor so that showing and offers and most of the real estate tasks can be handled by them and not you. Focus on doing what you need to do, break down your to do list into manageable chunks, you would be surprised at just what you can accomplish when you have to get it done.
The real estate industry has trends just like any other and these trends can change quickly. What was a seller’s market today can quickly turn into a buyer’s market tomorrow. How do you recognize market trends in real estate and make them work for you? Recognizing market trends means staying up to date with not just housing prices but the volume of inventory on the market along with interest rates and what is happening in the local economy. If you are looking to buy or sell a home then working with a realtor who understands the local real estate trends is your best bet. Let’s look at the various things that can affect the market.
You want to sell your house in the shortest time possible for the most amount of money. Time can make a huge difference in the housing market. The right time of year can mean a huge difference in the selling price. The springtime is one of the better times of year to list your home. There are more buyers looking to break into the market. If you need to sell in winter because of a job transfer then you may need a more aggressive pricing strategy.
How the local economy is performing will drastically affect the housing market. For instance if your town has a booming economy and people are moving there because of employment opportunities then housing prices rise. Declining economies affect the housing prices in the reverse. When buying or selling you need to pay attention to what is happening locally. The number of houses on the market will also affect pricing, more inventory is a good thing for buyers but not so much for sellers.
The biggest factor that will affect real estate market trends are interest rates. When interest rates climb so do mortgage rates and that in turn means higher monthly payments for the average consumer. That also makes it harder to qualify for a mortgage. When the interest rates drop that means there are more buyer’s that qualify for mortgages and it is easy to buy and sell a home.
Type of Housing
Sometimes parts of the overall market perform better than others. Condos will outsell single family homes or luxury markets are moving faster than mid-range housing.
If you are buying or selling in the near future then it is in your best interest to understand market trends and how to make them work for you.