Although the cold winter months between Thanksgiving and New Year’s are traditionally slower for the housing market, it can actually be an ideal time for sellers to stand out among the competition. Here are the key reasons sellers shouldn’t put off listing their properties this winter:
In general, lower housing inventory means less competition for sellers to stand out and attract prospective buyers who want to get into a home quickly.
Buyers Are Ready To Purchase
Buyers who must find a home due to a change in job, retirement or family situation are motivated and won’t delay as they want to sign a contract immediately. Also if they were on the fence during the summer, they will usually make an offer in the winter to avoid an increase in mortgage rates in the new year.
Low Interest Rates
While the 30-year fixed-rate mortgage is at an all-time low, economists are predicting that interest rates will soon be on the rise, and when rates ultimately rise that will deflate buyers’ purchasing power.
Higher Asking Prices
Redfin, an online real estate brokerage found that listings during Dec. through March had produced higher percentages of above-asking-price sales than listing during any months other than April and May. As the housing market rebounded, December listings produced the highest percentage of above-asking sales for the entire year – 17%.