Despite spring time being the prime season for home selling -- Redfin, an online brokerage firm, found that when homes were listed during the winter months, they sold one week quicker and for 1.2 percent above listing when compared to those listed at other times of the year.
This is good news for homeowners who are looking to close out on a deal quickly can take advantage of the winter season to put their property up for sale even in cold-weather cities.
Redfin analyzed 19 markets across the country on the likelihood of selling a home within six months of listing in each season. It was found that winter season was the best time for home sellers to list their homes.
In the Washington, DC market, there was a 67% likelihood of selling a home within six months when listed during the winter compared to 60%, 57%, and 60% during the spring, summer, and fall, respectively. Even, the Boston market showed strong numbers -- a 62% likelihood of selling with a winter listing compared to the average 48% to 51% likelihood for the other seasons.
But what fuels this quick turnaround time between listing and selling a home during the winter?
According to Montgomery County, MD Real Estate broker Craig Brown, "there are a number of benefits to selling a property during the winter. A crucial factor is that it is simply less costly and labor intensive for homeowners when they list their homes for sale at that time”. Brown notes that "there are cost savings as well for the homeowner. No need to over invest in curb appeal since there is no need for landscaping. Just rake the leaves. No need for exterior painting. The price should reflect the needed repairs that cannot be completed in the colder weather."
Because nearly all home buyers that are looking during the winter months must do so due to circumstances beyond their control -- a job transfer, for example, or a change in family dynamics -- they are more focused on the job at hand. As Craig Brown points out those home buyers are far more motivated in the winter months because they have to move and not window shopping for the fun of it. They simply want to find a home that meets their needs and close on it as quickly as possible.
One issue that homeowners need to be aware of when selling at any point during the year -- but probably most particularly during the winter -- is to study their local real estate climate. A good rule of thumb to follow is that if properties in the area are sitting in the market for longer than 60 days, it might be better to wait until the spring to list. Otherwise, as Peggy Yee, a real estate broker in Vienna, VA, states, "if properties are selling quickly, take that as a green light to list."
The gloomy weather can cast a noticeable pall on even the most luxurious home. One can invigorate the process and add holiday cheer by using seasonal touches such as firewood stacked invitingly by the fireplace or a cozy throw blanket across a couch since "people are in winter mode," according to Berkshire Hathaway's regional sales manager, Annette DeCicco.
Home sellers are not likely to face stiff competition for those buyers who are eager to move. Proper staging and tracking the real estate market can lead to positive results in spite of the historic belief that winter is not conducive to home sales.
