A common thought in real estate is never list your home in the winter offseason. Perpetuated by industry experts, agents and repeat sellers alike, this saying encourages many would-be sellers to wait until the spring peak to list their homes. However, studies show that homes listed in the winter offseason not only sell faster than those in the spring, but sellers also net more above their asking price at this time.1 Don’t wait until spring to sell. If you’ve been thinking of selling your home, here are five compelling reasons to list now.
1. Take advantage of low inventory.
Since most sellers are waiting until spring to list, local inventory falls during the offseason. However, there are still motivated buyers who are ready to move now and don’t want to wait that long to purchase a home. According to the National Association of Realtors, 55 percent of all buyers purchased their home at the time they did because “it was just the right time.”2 These eager buyers may flock to your home. You may not need to try as hard to make your home stand out in the sea of other similar homes. With less competition, more buyers, some of whom may have otherwise overlooked your home if you listed during the peak, will express an interest to buy. While you’ll likely have fewer showings in the offseason, buyers who do visit will be more serious about writing an offer. Your home will likely sell faster than it would have during the peak season.
2. Set a higher listing price.
Homes sold during the offseason sell at a higher price, on average, than those sold during the spring and summer peak. There are many reasons for this. First, motivated buyers are willing to pay closer to the asking price for a home. Second, homes are more likely to be priced right and reflect the economics of not only the local market, but the neighborhood as well. Often, homes listed during the peak may be priced to compete with other homes in the area and neighborhood. Sellers may be pressured to sell for less than the list price in order to encourage buyers to choose their home out of the others on the market.
3. You’ll receive more attention.
While our team always strives to give you the personal attention you deserve, when you list during the offseason, we’re able to work more closely with you to ensure your home is prepared for its debut on the market. We can also take more time to answer your questions, address your concerns and prepare you and your home for the sale. Additionally, if you’d like to hire a tradesperson to handle routine maintenance or undertake a minor home renovation before you list, you may be able to take advantage of flexible scheduling and cheaper rates. Many of these professionals experience a winter offseason as well, and will be able to focus their time and attention on you and your project.
5. Tap into the life changes of buyers.
Many buyers receive employee raises and bonuses at the end of the year. If they’ve been saving to buy a home, this extra money may allow them to reach their goal for a down payment and put them on the path to becoming a homeowner. Additionally, companies often hire new employees and relocate current ones during the first quarter of the year, creating a strong demand for housing. If you live in an area that’s home to a large company or has a strong corporate presence, this may be the perfect time to list.