It may be cold outside, but the housing market is still hot. Sure, rates aren’t where they were in 2017, but they are still historically low, and demand continues to be high. With that said, the previously inconceivable notion of selling your home in winter is not only viable – it may be the secret to garnering the best price for your home.
For any cold-weather homeowners, we understand that selling your home in winter may seem inconvenient. From the busy holiday months to the treacherous weather, there are several factors this time of year that make selling a home the last thing on many people’s minds.
But before you postpone your home selling plans until the spring season, consider the following: Since 1971, the average rate on a 30-year fixed is 8.09%, with a high of 18.39% in October 1981 and a low of 3.31% in November 2012. As of December 1, 2018, we’re looking at a rate of about 4.76%. Still historically low, but projections for 2019 predict rates to continue rising, so now’s the time to consider the advantages of selling your home during the winter months while buyers are looking to lock in a rate that’s in an upward trajectory.
- More visibility – Because of the factors mentioned above, there are generally fewer homes listed in winter which means there’s usually less competition and more opportunity for you to grab the attention of interested home buyers – a feat that is much more challenging during the busy spring and summer house market.
- Higher purchase intent – Although the sheer number of buyers might be lower this time of year, winter home shoppers are often more prepared to buy in comparison to spring and summer home buyers. Anyone willing to shop for a new home despite the harsh weather conditions and busy holiday schedule is likely a serious and qualified home buyer candidate who’s ready to buy now.
- Flexible pricing – With spring and summer being the peak home buying seasons, the slower winter market can result in a more valuable listing price for your home. In other words, fewer listings means it’s a great time for sellers to list their homes at top dollar and gain leverage over multiple offers.
- Job transfers – Across the country, the early part of the year is a popular time for corporate companies to move and relocate employees. For many people, these moves can happen unexpectedly, resulting in a sudden urgency and motivation to buy a new home. This makes January a prime month to get your house listed and ready to sell.
Even if winter’s not your favorite time of year, there’s no denying the beauty a winter landscape can provide for interested home buyers, both from an interior and exterior perspective. So if you’re having second thoughts about selling your home in the winter, don’t fret, because there are plenty of seasonal benefits you can use to your advantage.
For more information about the current market and home buying process, contact a licensed loan officer and receive expert advice today.