Will your home sell in the winter? The short answer is – YES! Now, read the many reasons why.
It’s a common belief that one should put his/her home on the market in the Spring to attract those who would like to move during summer break. But not all home buyers have school aged kids – or any kids – to consider when choosing their next home and the time of year isn’t relevant if your home is a perfect fit for a serious buyer.
Here’s top reasons why a home will sell in the winter.
Less competition and low inventory
Fewer homes for sale means less competition for buyer’s attention. When serious buyers are looking for a home with your homes features and benefits, the law of supply and demand works in your favor.
Serious buyers will buy no matter the season
The spring brings a lot of “lookie-lous”, as I like to call them. I was a “lookie-lou” for TWO YEARS. The weather breaks and many are on a field trip to see what’s happening on the market. Most likely they are contemplating projects in their own home and/or considering selling in the future. Serious buyers are looking to buy. There are less “lookie-lous” this time of year, and less inventory, so when they find the perfect house for them, they will make an offer no matter the month.
My husband and I, as I said, were “lookie-lous” for two years. When our current home became available early Fall, we had to jump on it or it would be gone by spring. We closed November 7th and we were in our new family home in time to host Thanksgiving.
The Baby Boom
Summer months rank the highest for baby births, with the most babies born in September according to data compiled between 1994 and 2014 by the U.S. National Center for Health Statistics and the U.S. Social Security Administration. What this means for home sellers is there are buyers out there looking to buy a larger home for their growing family once the baby is home and settled.
Using myself as an example once again: Twelve years ago, our son was only 2 months old when we (unexpectedly) decided to buy our (larger, one level, open concept) second home together. We closed on December 21, 2006 and moved in January 4, 2007!
Indy is home to many large companies that transfer talent to their Indianapolis locations. Companies tend to relocate employees in the first quarter with January and February as the biggest months. During this time buyers need choices – and they need to move quickly. Once they find a home that fits their family and timeline, they will make the offer! The law of supply and demand, once again, will work in your favor once again.
Renters with Expiring Leases
Many winter buyers are working against a deadline and they are serious. If not a corporate relocation it could be due to an expiring lease or contract on their current home.
Buyers with Time off Work
We know summer is a desired time on average for some people to move but just because the kids are out of school, not all employed individuals have summer vacation time. Most people have more time off around the holidays. That means more time for viewing your listing on line and scheduling home showings.
Year End Tax Breaks
Some expenses associated with buying a home are tax deductible and there are many tax benefits to owning a home. New home owners can take advantage of these deductions on their next filing if they close on a home before the new year. And if they are also selling a home to purchase your home, they will benefit from more tax breaks!
Year End Company Bonuses
Have you seen “National Lampoons Christmas Vacation“? Chevy Chase’s character anticipates his yearly bonus and starts to plan to build a pool for his family with the extra money. Some buyers who are receiving a year end bonus may choose this time to put a down payment on a new home. They may have been researching during spring or summer but financially not able to move forward with a purchase until they have the down payment money. When they’re able to purchase, your home will be front and center with the lack of competition you’d be up against in the spring.
Don’t be afraid to list your home in the winter. And if you listed late summer or early fall, rest assured there are buyers still looking. Price your home well within the current market of it’s location and it will attract a buyer who loves it as much as you do!
If you have questions on current market conditions or would like a free market analysis on your home, please email me at email@example.com. I’m happy to help!
F.C. Tucker Geist
The Tumbarello Group