Are you considering listing your home? A common assumption for home sellers is that the spring selling season is the best time of the year to put a home on the market. While there is a significant amount of new listing activity during the spring and summer months, that doesn’t mean listing a home in winter is a bad time. Here are a few reasons:
- Lower Inventory During Winter. Typically, there is less inventory on the market during the winter season. If there is less inventory, that means there is less competition for sellers. When serious buyers do come around, they’ll have fewer options from which to select, thus making it easier to stand out against competition.
In fact, national news reports that home sales are down, largely due to a lack of inventory. Lawrence Yun, the Chief Economist of the National Association of Realtors, stated about the third quarter home ownership rate and August home prices:
“The American Dream of home ownership remains elusive, as the third quarter figure shows little change in the overall rate. The reason is simple. There is just not enough supply of homes to fully satisfy the desire to own. The lack of inventory has pushed up home prices by 48% from the low point in 2011, while wage growth over the same period has been only 15%”. While this is on a national level and in reflection of an earlier time of year, the fact remains: real estate inventory is a factor for home ownership.
- Serious Buyers Search for Homes During Winter. In a place like Durango, we typically see only the serious home buyers looking during the winter. When dealing with snow and cold temperatures, it’s not as common to see the “lookie-loos” who frequent the warmer summer season. If a home buyer is looking at homes during the holiday season and cold temperatures, they’re typically more serious about purchasing a home. In many ways, home sellers avoid the non-serious buyers when homes are on the market at this time of year.
- Real Estate is Year Round. While it’s true we have seasonal patterns in real estate, there is also the fact that life has surprises. A job transfer, loss of income, or some other personal change may deem a move necessary. Because of factors like these, we see real estate activity year round. This occurs for both buyers and sellers.
Above are just a few advantages to listing your home at this time of year. Our team stands ready all year to aid our clients in making the best decision for their circumstances. We understand that needs vary with each client, and do our best to create a successful home sale at any time of year. Please do not hesitate to contact us if you’re interested in selling your home.
Also, we will be hosting an open house on Sunday at 17 E. Animas Village Lane from 11-1. Stop by, we’d love to see you!
Post courtesy of The Durango Team of Real Estate Agents.
