Are you thinking of selling your home this winter, but you heard that it is better to wait until the spring? Some say that selling a home in the spring is a better bet with blooming flowers and green grass. It makes your home appear more appealing. But is this true?
No. There are several reasons why selling your home in the winter, rather than waiting for spring, can work in your favor. Everyone’s situation is different, but here are a few things to consider when deciding when to list your home for sale.
Less Competition and Strong Demand for Buying a Home
It’s true that fewer people tend to list their homes during the winter months, but this means that your home has a better chance of standing out, as there will be fewer competing listings. The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country.
The housing inventory is still under the 6-month supply needed for a normal housing market, and there are not enough homes for sale to satisfy the number of buyers in the market. These buyers are ready, willing, and able to purchase, and are in the market right now.
Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has changed to nine and ten years. As home values continue to appreciate, more and more homeowners will be given the opportunity to upgrade their living situation and move. Take advantage of the buyer activity currently in the market. Wouldn’t you rather be the only home for sale in your neighborhood, than have three of your neighbors also selling at the same time?
Home Buyers are Serious in the Winter
Homeowners think spring is a great time to list their homes, when more home buyers may be out there actively searching. In the winter, home buyers who are seeking a home – whether for relocation or otherwise – are serious ones. They’re ready to make offers and they’re eager to move, often quickly. Motivated buyers are more likely to be pre-approved for a mortgage and know what they want. You are more likely to have showings turn into serious offers.
One of the reasons you will find more motivated buyers during the winter is that January is when many companies do corporate relocations. Someone who is being moved because of a job is not going to have the luxury to leisurely shop for houses for three months.
Mortgage Loans May be Processed Quicker in the Winter
Because the housing inventory is generally smaller during the winter, lenders are less busy. This means that when your buyers are ready to go under contract, they can get their financing ready to go that much faster, and everyone can make it to closing quicker.
Time to Buy a Higher Priced Home
According to CoreLogic, home prices are projected to appreciate by 5.6% over the next year. If you are moving to a higher-priced home, it will wind up costing you more both in down payment and in your mortgage if you wait. There is currently ample inventory for sale at higher price ranges. This means if you’re planning on selling a starter home and moving into your dream home, you’ll be able to do that now.
If you are looking to sell your home in the winter months, contact a Real Estate Agent at Wenzel Select Properties today! Wenzel Select Properties is located at 4941 Main Street in Downers Grove, Illinois. Our real estate office is in the heart of downtown Downers Grove. Our real estate agents are available to meet with you 7 days a week – Monday through Sunday. You can call us for an appointment at (630) 430-4790.