As far as the real estate market is concerned, winter is here.
Many homeowners fear the thought of putting their house on the market during the winter. With spring as the typical “hot market” in real estate, we understand the misconception.
Just because spring accumulates new listings, doesn’t mean it is the best time to sell YOUR home.
Keep reading for reasons why winter is a strong market for the right seller.
Traditionally, inventory drops during the winter months. Less inventory means less competition.
In spring, the market is crowded, with multiple new listings added every day. With fewer homes for sale in winter, buyers are more likely to take notice of your property.
Low Interest Rates
Interest rates have remained low throughout 2019. Buyers know that this streak will eventually come to an end. People who need to obtain financing may take advantage of the low mortgage interest rates before spring.
Most of the time, buyers are not ‘just looking’ at houses during the winter. (Although this often happens in spring!) Serious buyers are in the market to buy and move within the coming months, whether for a job relocation, an opportunity to move closer to family, or an immediate need to upsize or downsize.
The Winter Market
October 2019 saw an increase in home sales by 1.9%, and the upward trend is expected to continue. Lawrence Yun, NAR’s chief economist, said,
“Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers. We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”
We want to repeat that last part: as long as potential buyers are presented with an adequate supply of inventory.
This means that sellers have the advantage of creating much-needed inventory during the winter months.
With the cumulation of low interest rates, less inventory, and serious buyers searching for a home, there is no need to wait until spring.
Ready to Sell Now?