Why winter may be a seller's wonderland
If you’re looking to sell your home, conventional wisdom says to wait until spring. That’s the hot home buying season. But if you wait until warmer April temperatures, you may lose out on a great buyer.
In fact, according to Bank of America’s 2018 Fall Homebuyer Insights Report, 24 percent of homebuyers think winter is the best time to purchase a home.
Here are some reasons to be optimistic about selling your home in winter:
Buyers who are looking for homes in winter are likely more motivated. Life events, such as a job change, could be pushing them to start looking now rather than waiting until spring. Whatever their motivation, the best time to connect with a buyer is the moment they’re ready.
The more motivated winter buyer will have less choices in available homes. Or to put it another way: the home seller faces less competition. Thus, your home could stand out more in the winter months.
Tighter housing inventory and potential rising rates
With homebuyers still facing a tighter housing market nationwide, many are being active all year long. Plus, interest rates may rise this year. With that looming prospect, homebuyers could be more motivated to buy in the winter before rates can increase.
An important tip for selling your home in winter is to avoid pricing above market value. Some homebuyers have the luxury of waiting until spring and may pass on a home priced too high. But if you set a realistic price, you give yourself the best opportunity to attract the right buyer.