Spring is great for photos, but maybe not for selling your home.
Real estate values fluctuate for a lot of different reasons, not the least of which is market competition. If you think that homes sell better in summer, you're not alone. Many people do, because so many buyers are active.
But activity doesn't equal a sales contract, and warm weather doesn't guarantee a good price. People thinking about selling still have plenty of time this year. And in fact, the best time might still be ahead.
Most buyers browse sometimes, but in wintertime more people are serious.
Holiday Shopping Also Applies to Real Estate
Buyers who look and buyers who buy are two very different things. House browsing is a fairly common thing when the world is green and flowers are blooming. But once the holidays roll around, most shoppers are truly in the market and not just window shopping. The best season for selling real estate begins just before Christmas, according to the National Association of Realtors®. Fewer homes are on the market, and most buyers are serious.
Wintertime Brings Higher Values
You probably have a reasonable idea of what your house is worth. But what a buyer will pay for it is another story. The more houses on the market, the more likely buyers are to offer less than your asking price. It's the law of supply and demand. Beginning in December, fewer homes are listed by far, according to a Redfin study on buyer demand, and asking prices are more reasonable. And from December through March, sellers tend to get more than their asking price.
Snow doesn't necessarily slow down serious home buyers.
Homes Sell Fast in Winter, Too
When you first list a house, there's typically a period of excitement, wondering how many people will view the property and how many serious inquiries will be made. But the longer a house sits, the more distressed the listing becomes and the more likely it is to sell for less than the asking price. Homes that hit the market in the wintertime tend to sell not just faster, but much faster than at any other time besides early summer, according to a Redfin report, 'Should I Wait Until Spring to List My Home? Not Necessarily.'
Market Tendencies Aren't Universal
Market trends aren't the same in every part of the country. The Redfin reports show averages across all markets, but yours might be different. Keep an eye on real estate sales to determine what's normal where you live. An easy way to do that is through the real estate valuation services at eppraisal. When you search for your home's value, you'll also see a list of properties that are on the market now and ones that have recently sold recently. Check often, and you can also see which homes sold for the asking price or higher, and how long they spent on the market.
Selling a house isn't easy, and for a lot of different reasons. In addition to making repairs or updates and choosing the right real estate agent to list the property, you'll also need to think about the best time to list. While a great house can sell any time of year, good timing can help it sell faster and for more money.
The free services at eppraisal can help you throughout the process of selling your home. You'll learn what your house is worth, which properties nearby are selling, how yours compares, and other vital information about your house and the community around you. Click here for your free property valuation today and start off on the right foot.