Winter Listing
Decorations are packed away for another year and resolutions have been made – this is the year to move house. But surely the winter is not the right time to do this? Actually – no. It is a common thought but somewhat of a myth – the summer is a busier time in the real estate market, but the winter does not lag far behind.
Indeed, the long winter evenings give many people the ideal time to do their research, get their paperwork and loans in order, and hit the listing websites hard. The sense of a new year and new possibilities helps spur many to action and house hunting starts in earnest. So be ahead of the curve, and if you are thinking of moving yourself, now is a great time to get your property on the market.
In fact, the winter weather has several distinct plus points for those looking to get a buyer for their home. The internet does not recognize seasons, with nearly all house hunters starting their quest by hitting the property listing websites – and a cozy evening on the couch is made for this.
You also gain a seller’s advantage – it is true that there are fewer homes on the market in the winter, which means a smaller pool of potential properties are available for would-be buyers. This is a great plus point to attract attention from as many people as possible, and may help boost your final sale price, especially if a bidding war breaks out from those keen to get their dream home bought and moved into. As spring arrives, the competition with other sellers – like the temperature – will heat up.
Your prospective buyer is much more likely to be a serious prospect in a winter sale – the casual and curious tend to be put off by harsh winter weather, snow, ice and low temperatures. The serious buyer will not let the weather stop them – and if they are that dedicated, they may well be working to a hard deadline which piles the pressure on them to make a deal and move in.
And many people find themselves with more time at their disposal – vacation hours may have to be used or lost, there are a couple of public holidays on the calendar and much less to do with time off work than the summer months.
Selling in the winter gives you a few psychological wins as well – the worse the weather outside, the more inviting and homely your house can be made to seem when a prospective buyer walks through the front door. Houses become much more of a home in winter time.
Make sure the heating is on, maybe a fire lit in the hearth, add some scented candles and your house becomes a must-have place to enjoy. Dark nights help hide the small jobs you have been meaning to do but not quite got around to, especially on the exterior, and some warm outdoor lights by your entryway literally send a beacon message of welcome.
People will not expect an immaculate yard in the winter, and are unlikely to explore it in detail – and if it is conveniently covered in a foot of fresh snow, it will look magnificent from the sitting room window.
Start the new year by making good on your resolutions – list with Key Realty now and you could be in your new home before Easter, giving you the rest of 2022 to make it yours.
Shine a light outside. Winter days get dark early. Brighten your home’s exterior with outdoor spotlights. Take down outside decor. Nothing says “my home won’t sell” like a house with reindeer inflatables on the lawn in February.
Avoid a winter wonderland. Snow is great, unless we’re talking about outside shots of your home. Buyers want to see details of the house, not a blanket of snow. Make sure you have clear-weather photos of your home. Remember, the nicer your home looks, the more likely it is to sell—and for more money.
Buying a Home in Winter
Alright, home buyers. Now it’s your turn. Below are the benefits of buying a house when the weather outside is frightful.
Less Buyers
Okay, we already established that home sales take a plunge during the winter. So, typically, you won’t have to deal with as many competing buyers as you would if you waited to buy in spring. Which probably means you don’t have to worry as much about someone else snagging your dream home before you can submit an offer, or about getting caught in a bidding war. It’s kind of like when someone brings in holiday treats to share with the office, but most of your coworkers are out of town. You get first dibs on the best desserts!
Better Deals
Since supply and demand for housing are both down during the winter months, you might be able to save money on your purchase! Hard to believe? Well, last year, the median listing price of homes sold from December through February was around 6% lower than homes sold from March through May. That means people who bought their homes during winter saved tens of thousands of dollars compared to those who bought in spring! That might make any challenges of buying during the wintertime worthwhile.
Mortgage Rate Fluctuations
If you’re getting a mortgage, you might be able to lock in a good interest rate before the new year hits. Having a lower interest rate would save you money as you work to pay off your new home. But keep in mind, interest rates don’t always go up. So check with our friends at Churchill Mortgage to learn more about the status of current interest rates.
Witness the Home’s Durability
House hunting in winter gives you a chance to see how your potential new home handles harsh weather. Sure, moving to a new home during the spring and summer is probably a lot easier than when you have to bundle up and deal with icy roads. But suppose you fall in love with a house even with the weather at its worst. Then you can be confident that living there will only get better from here on out!
Tips for Buying in the Winter
Okay, here are a few tips to be extra-ready for buying a home in winter:
Stick to your budget. Sure, home prices might drop a bit with the temperatures. But that doesn’t mean you should justify spending any more than 25% of your take-home pay on monthly housing payments. To make sure your winter home purchase is a blessing and not a curse, calculate how much house you can afford and stick to it.
Negotiate with confidence. Remember, there isn’t much competition. So, sellers will probably be willing to work with you. If the home inspection brings up some issues, don’t be afraid to ask your seller to make repairs or lower the asking price.
Prepare for tax changes. Buying a house can complicate your tax situation, which is why it’s always a great idea to connect with a tax expert for knowledge. They can make sure you get every deduction and credit you’ve earned.
If you follow these tips, there’s hope you’ll find the house you want and get a good price in the winter.
Ready to Buy or Sell Your Home in Winter?
With all these advantages on your side, hopefully buying or selling your home in the winter won’t feel so daunting. We know you’ve probably got a lot on your plate this time of year though. So, we’ve put together some resources to help you check everything off your list. For a step-by-step plan that will walk you through every part of the process, use our free Home Buyers Guide or Home Sellers Guide.
If you’re ready to get the job done now, your next step is to find a real estate agent. To quickly find a great one, try our Endorsed Local Providers (ELP) program. Our ELP team only recommends top-performing agents who are active members of our coaching groups, so you can be confident they care about your financial goals.