Redfin study concludes winter is a great season to sell your property
Contrary to much popular opinion, the housing market is alive and well, even during the winter months (December 21 – March 20). In fact, Redfin has just updated a study conducted by the Portland Metropolitan Association of Realtors (PMAR) in 2013 and concluded that the winter months are the best months to list and sell your home.
“Redfin researchers studied nationwide home listings, sales prices, and time-on-market data from 2010 through October 2014.” The findings suggest that during the winter months, buyers are more focused and serious about purchasing a home than during the busier spring and summer months (when many “buyers” are often just window shopping.)
Redfin’s conclusion was that winter months favor sellers because there is less competition (lower inventory). But read on….
Winter months also tend to favor home buyers
So, if you’re a buyer, should you wait until later in the year? Sure there is more inventory to choose from, but there is also a lot more competition for the same properties which can also favor sellers, especially when they receive multiple offers.
Many realtors® polled disagree that winter is best for sellers and instead have found that sellers are more ready to negotiate with buyers during winter months because every seller wants a quick sale regardless of the season.
Potential buyers often think that homes that sit on the market for extended periods of time must have something wrong with them. Is the property over-priced? Are there structural issues? Is the seller unreasonable? Some potential buyers won’t even view properties that have been on the market for a long time, unless there have been significant price reductions during that time span.
The real estate market never sleeps
Whether you’re a buyer or a seller, you need to be out there when it is most appropriate for you. There are advantages and disadvantages at any time of year for both buyers and sellers. If you have a great property that offers location, price and amenities that buyers are looking for, your home will sell if it is priced right.
However, as a buyer, you need to actually get out and look at some homes in order to better understand what features are most important to you and even more importantly, what your budget can buy. Please don’t rely solely on online photos. First of all, photos can lie, but even if they are totally honest, a beautiful kitchen is not the whole story and will not necessarily be the feature that sells the house to you. When you find the home that speaks to you, and at least one home will – for many assorted reasons, then make an offer. It could be months before you find another house that you like as well.
Believe it or not, approximately 25% of all home owners fell in love with the very first house they saw but wanted to keep looking. That’s all well and good, but that home you love just might not be there in a week when you decide it was “the one.”