After a Spring/Summer as unprecedented as this year, a lot of sellers held off listing their homes, and now that winter is around the corner they are asking: is it worth it to list now or should we wait until spring?
While we can try to forecast future markets, one thing we know for sure is that the market is strong right now. Buyers are out and are looking to cash in on record low-interest rates before they are gone. This Spring/Summer left many people wanting as they spent March and April in quarantine and were then beaten out in bidding wars throughout the rest of the summer.
How will the spring market fare? Given the many unknowns with COVID, the post-election economy, and the longevity of current interest rates, we can’t say for sure how long the strength of our current market will last.
Aside from these extraordinary circumstances, there are a number of ordinary reasons we recommend to clients that they list their homes in the fall.
Decreased Competition
Realtors generally see about 65% more listings in the spring and summer than during the rest of the year. While this indicates spring and summer are good times to do real estate transactions, it also means you’ll encounter more seller competition. If the sellers who wanted to list this year hold off until the Spring, their inventory combined with the usual Spring/Summer inventory increase will increase inventory, decreasing the level of competition for a given home. When you list your home in the fall and winter you decrease the likelihood of an oversaturated seller’s market decreasing the sale price of your home.
January Is New Job Season
More job postings occur and more new employees are hired in January than any other month of the year. There are, on average, 30% more new employee hires in January than in December. Buyers who are switching jobs often need to get into homes quickly and don’t have the luxury of waiting for warm summer months to move. In the winter, with fewer homes to look at shorter buyer time tables, you as the seller have a good chance of getting your home closed quickly and efficiently once the right buyer finds your home.
More Motivated Buyers
Since people looking to buy in the fall and winter months are generally looking because they need to move (see #2), they are often more serious and better qualified. Summer buyers are often shopping around and will look at many homes before making a choice, but winter buyers come prepared to make a swift decision so they can get into a home before their first day in their new job.
The Price Is Right
Marketing your home in the fall gives you more time to get the price you deserve. Less inventory means the price of your home won’t be driven down right off the bat, and motivated, qualified buyers are more likely to make offers closer to your listing price. Your home may sit on the market a little longer in the fall, due to the sheer number of buyers being smaller, but this isn’t always a bad thing when you end up getting your home sold at a higher price in the end.
We offer a free home evaluation to gauge the current value of your home compared to others like it.
Beautiful holiday decorated room with a Christmas tree with presents under it
Holiday Home Showing
The holiday season provides a great opportunity to dress up your home and showcase it at its finest. Create a warm and cozy environment by lighting candles, displaying seasonal decorations, and baking festive treats that make your home more agreeable to all of the five senses. Additionally, fall pictures are some of the most beautiful exterior pictures taken all year. If you have trees that turn bright red, yellow and orange, get listing pictures taken before it’s too late!
Selling in the Winter Means First Pick Of Homes In the Spring
If you need to sell before you buy, listing your home in the fall/winter means you will be ready right out of the gate before the rush of buyers hits in the spring. Avoid costly bidding wars, by finding your dream home before most people have even come out of hibernation. If you wait to list until the spring, you may find yourself looking at homes in late summer after the best homes from the spring listing rush have already been plucked off the market.
Home Buyers Search Online
Gone are the days of driving around neighborhoods and scouring the daily paper for new home listings. 50% of buyers will find the home they buy online, and most people use at least one online home search tool before they go out and look at homes in person. This means that, no matter the season, people are able to look at listings from the comfort of their homes and workplaces, and are ready to buy when they find the right home. Having an agent that has a strong online marketing presence will put you ahead of the competition by helping fall/winter buyers find your home faster.
With less competition, more qualified and serious buyers, and a large number of job transfers, there’s no doubt that fall and winter are still great times to list and sell your home — especially this year. So if it’s fear of frozen buyer opportunities that’s keeping you from listing, you may want to reconsider for all the reasons listed above.
If you have public health concerns related to COVID-19 we recommend asking a qualified agent what they are doing to ensure safe, socially distanced, and minimum risk showings. Real estate has adapted to the current circumstances quickly. Our team is eliminating discovery showings by creating virtual tours. We are also able to limit the days/times showings are allowed and are utilizing hand sanitizers, shoe covers, and masks for the protection of buyers and sellers alike.
If you are still unsure or want to get the ball rolling on listing your home, we are here to answer all questions and to walk you more thoroughly through all of the opportunities fall and winter may present.
