Spring usually is the most popular time of year to sell a house, with lots of buyers looking to move into a new place before the school year begins. But if you’re selling a house in the winter, experts say you could reap a reward in extra cash. Here, Realtor.com reveals the top reasons why you should consider putting your home on the market when the temperatures drop.
Low inventory means less competition
Since spring is the most popular home-selling season, the housing market is overloaded with options during that time of year. That’s where the law of supply and demand comes into play. Selling in the spring means there is more competition for buyers’ attention, whereas in the winter, there are fewer homes for sale. That competition over low inventory can make winter an ideal time to sell your home.
You get to show your home’s winter-readiness
Selling in the winter also gives you the opportunity to show that a home is designed to handle the harsh elements, with a new roof and furnace, for example. Plus, during winter months, homes with features such as fireplaces and hot tubs are certainly more appealing.
New parents may be looking to upgrade
According to data from the Center for Health Statistics and the Social Security Administration, there are more birthdays in the month of September than any other time of the year. Therefore, there’s likely to be a crop of growing families looking to buy a larger house. Once the baby is home and settled, these parents may want to begin the year in a new and more spacious family home.
Winter brings out the serious buyers
Not everyone looking at houses intends to make a purchase. Some people are contemplating moving and may just want to see what’s on the market. Since more homes tend to go on the market in spring and fall, this is also when window shoppers are likely to be out looking. However, these folks tend to be scarce during the winter months. Those looking for homes in January and February typically are serious buyers looking to make a purchase—especially if it’s a great house. They don’t want to take the chance of waiting until spring and losing out on the home.
Year-end financial bonuses and payouts
As a seller, year-end performance reviews could mean that more people have money to spend on a home. End-of-year financial bonuses or workers retiring with large payouts could mean opportunities for these buyers to upgrade their living situations or for first-time buyers to enter the housing market.
Because the prime months for corporate relocation are January and February, you also could encounter buyers who are relocating for a job and need to move quickly. People who are relocating typically have a limited amount of time to uproot their families, and as a result, they don’t have the luxury of spending a lot of time looking at properties. The kids need to get settled into school, and dealing with selling an old home can add another level of urgency and stress. So, it’s likely that once they find a home that meets their requirements, these buyers will be ready to sign on the dotted line