When the chill of wintertime sets in, shortening the daylight hours while covering the neighborhood with snow and ice, you may wonder: do homes sell in winter?
The answer is YES! Although there are a few different dynamics at play when it comes to home sales in winter.
You have probably heard that spring is the busiest time of year for home selling. That is generally the case. However, in the winter months, you have fewer competitors thanks to low inventory.
So when personal circumstances prevent you from being able to wait till spring, you can relax.
You don’t need to feel like you have to rule out a winter home sale and wait.
Winter is an exciting time to put your house on the market, as there are buyers looking for a home right now, and your home sale could be right around the corner!
Last month, The National Association of Realtors put out some encouraging data on winter home sales.
Winter Home Sales Statistics
— Nationally, home sales are at +1.9% mont-over-month and at -7.0% year-over-year, and are at an annual pace of 5.32 million homes sold
— Home inventory levels are down thanks to the current high demand. Right now at 3.9 monthly supply, which is 4.2% higher since November of 2017
— On average, homes are selling in 42 Days, and 43% of all homes sold in less than a month
— The median home price is $257,700, UP 4.2% from November, 2017. December was the 81st consecutive month with year-over-year price gains
— Distressed sales are down 2% from 4% in November, 2017
Dave Ramsey’s Take On Winter Home Sales
Famous financial advisor Dave Ramsey has chimed in on his blog to answer the question, “Do homes sell in winter?”
Ramsey points out that home inventory has fallen 15% in November and December since 2014. This means your competition drops 15% during the winter months. With buyers having fewer choices, you could sell your home faster.
He also points out that people do tend to have more time off around the winter holidays, which gives them more time to look online, daydream about their future home and go visit home showings.
Dave also makes this good point: when someone is trudging through the snow, looking at your house on a day that’s close to a holiday, you know they are serious.
Winter Home Sales Pay Off
Spring may provide more shoppers thanks to families hoping to move when the kids are out of school. However, selling your home in winter can pay off beautifully: Online brokerage Redfin did a study that shows average winter home sellers net more than the asking price in December, January, February and March—more than June through November. This includes cold-weather cities like Chicago and Boston.
Homes listed during winter months also sold more quickly than the spring market.
So if winter is the right time for you to sell, go for it! Just be sure to do a couple of things, first.
- Find a quality real estate agent. Request a call with Alina and she will begin right away on matching you up with a top-notch real estate agent in your area. This service is free! [Click Here]
- This article lists some things to do that will make your home a “hot seller” this winter.
Stay warm and good luck!