When is the best time to sell your home? If I ask ten people, odds are nine of them would say “spring.” But do the facts support that? Spring may be the busiest time, but busy doesn’t necessarily translate to “best.” By best, I am referring to time on the market and selling price, the things that should matter to a seller. Redfin did an analysis looking at 19 different markets on both coasts. They crunched the numbers for the time period from March, 2011 to March, 2013 and looked at the percentage of homes sold within six months of listing, by season. The numbers for Boston were as follows:
Winter: 62% (sold within 6 months)
Winter outpaced every other season by more than 10%. And for all the markets Redfin looked at, homes listed in winter sold for 1.2% more (relative to list price) than the rest of the year.
Now what is true about winter is that fewer homes sell…the National Association of Realtors statistics show that in November home sales drop by 8% and in January they drop by 27%. But think about it…in general there are fewer homes listed for sale in November and January, so of course home sales stats are going to show a drop.
Why shouldn’t I wait for the spring market?
While there may be fewer people looking to buy a home in the winter, the buyers out
there tend to be more serious. Most people, given a choice, would not choose to look at houses in the middle of winter. Negotiating icy sidewalks and combating blasts of cold air every time one gets out of the car to see a house isn’t always fun. But the reality is, people still get relocated in the winter, people have babies and need a bigger house…people still move, no matter what time of year it is. And with reduced inventory levels in the winter, there is less competition for those whose houses are on the market. You wait until spring and there may be more buyers, but there are also many more houses for those buyers to choose from. Just something to think about.
If you are thinking about selling your house, or are just interested to know how much your home may be worth, please contact me by clicking the link or completing the form below. I would love to help you.
For more information see The Truth About Selling During Winter.