You’ve probably heard that the spring and summer are the “selling season” in real estate. It’s true. You certainly see an increase in sales during the warmer months. Shh…here’s a little secret. Buying and selling during the winter month may actually be better! What you say? Well here’s why…
As a BUYER, why should I consider purchasing this time of year?
There are a lot of buyers out there and lately there have been fewer listings for them to buy. Homes are selling fast and often times over list price due to multiple offers. However there are often times fewer buyers looking to purchase a home during the winter months. Fewer buyers, means less competition and the reduced chance of being forced to compete with multiple offers.
Often times when a seller puts their home on the market during the winter months it usually means they need to sell their home in a timely manner. Otherwise, why not wait for the “selling season.” Perhaps they have accepted a job offer in another city or in some cases the home may still be on the market from the summer. Either way, sellers tend to be more motivated to sell in the winter months and they are more likely to work with a buyer to get the deal done.
Finally, the benefits of purchasing during the winter months extends beyond just real estate. Since fewer people are buying and selling, companies associated with the sale of a home, such as moving companies, tend to offer discounted rates.
As a SELLER, why should I consider selling this time of year?
Believe it or not, for the same reason that you should consider buying this time of year. With fewer listings on the market and fewer buyers to buy them, supply and demand shifts. Less competition means a greater chance of selling.
Buyers who are looking this time of year are usually stronger buyers. Let’s face it, not everyone who looks for a home actually buys one. Most of these “lookie loos” have a tendency to come out during the spring and summer months. So those that do brave the colder temperatures, usually have a reason for doing so. Perhaps they’re being relocated. Maybe they have a lease that is expiring and they want to buy. Maybe they received a large holiday bonus and want to start building equity in something.
According to the Social Security Administration, September tends to see the highest birthrates. Cool fact, but what does this mean for real estate? An expanding family often times means an expanded need for space, which is a big motivator for buyers during the winter months.
Finally, corporate relocation often takes place before the first of the year. In the Raleigh/Durham area this is particularly true given the number of international businesses located in and around the area.
So, whether you’re buying or selling, don’t be afraid to get out there during the winter months. When you look at it, it’s a win-win time for everyone.
If you’re thinking about buying or selling, let me know! I’d love the chance to work with you this winter!