If you’ve been waiting until the spring to list your home, you are going to want to take a look at these numbers. According to recent data from National Association of Realtors. Since 2014, existing home inventory has fallen off on average 15% from November to December. Homes sold during the winter are 9% more likely to sell than homes listed during other times of the year. In addition to this, homes sold in the winter sell for 1.2% more money.
This is contrary to conventional wisdom, which says that listing your home in the spring is the best time because of all the buyers that are out looking at that time of year. While it’s true that there aren’t as many buyers during the winter, the buyers that do shop in the winter are often more motivated and serious.
The buyers out looking this time of year are what we call “life event buyers.” They are people that are buying because of job relocations, deaths in the family, or the birth of a new child, among other reasons. These are people who need to buy, as opposed to most buyers during the spring and summer months who just want to buy. If you can be flexible with your timing, listing around this time of year can be of great advantage to you.
If you’re considering selling in 2019, you may want to consider advancing your timeline to take advantage of this prime time in the market. Interest rates are also going to rise this year, which may put a dampening effect on prices.
If you would like us to evaluate your personal situation, please reach out to us. We would be happy to do a complimentary consultation, as well as an equity analysis to see how much money you have in your property that you can take on to whatever your next chapter may be.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.