Selling Successfully in the Winter Months
/You often hear real estate agents and media tell you to wait until the springtime to sell your home - prices are the highest, your house looks the best, there are more buyers, and on and on. And that isn’t wrong. Springtime is typically when the most houses sell and when prices increase the most for the year (if it’s an appreciating year). That, however, doesn't mean it’s always the best time to put your home on the market. It is completely possible to sell your home quickly and at a good price in the winter months, too. Let’s discuss why.
1. The Market Is Stable
As I mentioned above, if we are in an appreciating year, prices start to increase in the springtime. The demand for homes goes up, and the laws of economics dictate that prices go up, too. When you sell your home in the winter, that appreciation has already happened. It makes pricing your home much simpler. There are lots and lots of comparable properties that have already sold that appraisers can compare your home to. That makes getting a good, solid appraisal much easier.
2. There is Less Competition
Fewer people sell their homes in the wintertime. As of this writing, there are currently just over 3,000 properties for sale in Salt Lake County. That puts the Market Absorption Rate at 3.99 months per Utah Real Estate. This means that if no new houses are listed, the current inventory will sell out in 4 months. That is an indication of a moderate seller’s market. A balanced market has an absorption rate of about 6 months.
3. The Buyers are Serious
Because fewer people move in the winter months, the buyers who are out looking are serious buyers who need to move now. They are looking for their next home and are ready to put their money where their mouth is, so to speak. You may not have a bidding war on your home, but the buyers that you do have will be ready to close a deal. They are, however, savvy to the market and will know if your home is well priced.
4. Again, No Competition
This is important, and I can’t stress it enough. If you sell in the wintertime time your home is one of a handful rather than one of dozens. It allows your home to stand out and shine without competing with other homes that are very similar or even more fixed up than yours.
So it is possible to sell your home in the winter successfully. And it can happen quickly, too if you prepare and price it well. Give me a call, and we’ll get started today!