When it comes to buying and selling a home, why should spring and summer have all the fun? It may come as a surprise that winter home sales are not sluggish, like the melting snow outside, even in northern markets where temps keep most of the populace inside!
Benefits of Winter’s Real Estate Market
- Less competition: Fewer homes on the market means homes often sell faster.
- Showcase how home withstands harsh weather: Time to show off your new roof or furnace and the perks of having a south-facing front walk that speeds up snowmelt. And buyers can see how well the insulation works.
- Year-end financial incentives: Buyers have incentives to purchase a home before the new year. Tax benefits include deductions of mortgage interest, private mortgage insurance (PMI) premiums, and real estate taxes. Year-end bonuses mean some buyers are looking to upgrade their living situation. The fear of rising interest rates (which historically go up in spring) also induces buyers to purchase in winter.
- Serious buyers: If someone is looking for a home in a foot of snow and freezing temps, they are serious about buying, not just professional open house hoppers. So, while foot traffic may be less, those that do come through are in it to win it.
- Virtual tours are seasonless: And speaking of foot traffic … 92% of home buyers prefer to purchase a home with a 3D tour. All you need is access to the internet and trekking from one viewing to another in the snow becomes a thing of the past. FYI, virtual tours are standard to ALL kwELITE listings. Read more here.
- Corporate relocations: January and February are the biggest months for corporate relocations. The need to settle families into schools and neighborhoods translates to quick sales.
Tips for Sellers
The good news about selling your home in the winter is you don’t have to worry about mowing the lawn and keeping your landscaping clean and tidy. But there are a few considerations a winter sale has that warm weather sales don’t.
- If you are showing your home during the holidays, keep your decorations tasteful. They should highlight your home’s features, not hide them behind a mound of tinsel and garland.
- And don’t forget to remove them after the first of the year. December’s fresh tree is cheery; January’s dried and drooping one is depressing.
- It gets dark outside earlier, so make sure the entrance to your house is well lit.
- You may not be mowing, but you still need to pay a little attention to your home’s exterior and yard. Keep paths clear of snow and ice.
- Make your home warm and inviting to combat the cold outside. Light a fire if you have a fireplace. Pop a batch of chocolate chip cookies in the oven or simmer a pot of apple cider on the stove. Alternatively, break out a few pine-scented candles.
If you are considering putting your house on the market or are looking for the home of your dreams and don’t want to wait for spring, we’d love to meet with you. Contact us today or check out the many fabulous listings we currently have here. Old Man Winter has nothing on us!