It’s widely believed that selling homes in the winter is a deadly decision as if it is done during the summer, one can sell his or her home at the figure they expect to. But, recent national statistical studies state that it is not the case.
Winter is also surprisingly an apt time for the real estate property to get listed, bought, sold and negotiated. Redfin, Online realty brokerage through their researches found the below findings.
- According to their research, they found out that if you wish to sell your real estate property more than you expected price, then listing during winter will offer you a better chance than doing it during June through November.
- Also, during the previous 3 years, real estate property sold during the winter times was producing higher percentages on top of asking price than the rest of the month. Also, they concluded that right time to sell the home relatively quickly is February. Nearly 66% of the homes listed during this historical month are sold out within 90 days.
They note that listing the real estate property during the winter months is not comparatively too huge advantageous than other seasons. But the true fact is that winter offers you with better results and minimize competitive price through a few measures taken towards promoting the potential sellers to get into the race quicker rather than later.
Chief Economist of Redfin, Nela Richardson states that “Those houses that are rightly priced and well shown during inspection can sell anytime irrespective of the season”. Added, many of the potential sellers may not be aware of the fact that those active shoppers during the winter months are serious buyers and not window-shoppers as they generally do so during the spring months.
Also, few sellers practice to list their unsold houses during winter, with the hope of selling it at a better price during the spring. If they do so, they create a small inventory of active listings and thus reduce the competitions among the sellers who list during January and February and stand ahead of the game.
Negotiations become easy
Winter season buyers may feel that few sellers are more negotiable in terms of terms and prices than they will be generally during the mid of the spring. Mary Bayat, an active broker in Washington D.C states that winter sellers are more realistic, especially when their properties are not attracted any big deals during the previous summer and fall. So, it becomes right time for smart buyers also.
One of the agents in the Redfin Denver Office, Paul Stone, states that several large corporations in the real estate business transfer their employees and prefer to hire new ones during the first few months of this year. Thus, it opens up the opportunities for those listers during the winter month who are not ready to wait till spring to list their properties.
Bottom line: It is not so that real estate hibernates from December till March. Approximately, more than 5 million homes are resold every year in the U.S and out of which many of them are listed and sold out during winter months.
According to Redfin’s study, during the winter months, the highest probability of selling your home is within 180 days in strong local real estate housing markets like San Diego, Los Angeles, Phoenix, Austin, Boston, Seattle and Washington, D.C than compared to other season in these places.