What are you waiting for? Go ahead and put your home on the market. Even now, with temperatures dropping, holiday travel, and christmas shopping underway, it’s a good time to sell.
Waiting could decrease the number of potential buyers, especially if mortgage rates start to increase and cause some of the houses to be priced out of the market. Waiting until the spring or summer time could increase your competition and stress. The same goes for buyers as well. The longer they wait to purchase a home, the more it will cost.
Homeowners who sell their homes in the winter can reap financial benefits since they are not waiting until everyone else is trying to sell.
Your home has a greater chance of standing out from the crowd in the winter months, December through February. In the summer, you have to compete with other sellers.
Sellers often are able to ask more for their homes in the winter. A study by online brokerage firm Redfin found average sellers earn above their asking price in the December to March timeframe than they do in the summer months. In addition, in winter months a home is on the market for an average of 26 days, compared to 33 days in non-winter seasons, according to Redfin’s data.
There are several parties involved in the home buying process, which includes realtors, home inspectors, appraisers, the title company, and the bank processing the loan. In the peak buying season, there’s a high demand to process transactions, which can lead to an overwhelmed system.
You can help reduce the typical home buying and selling stress by selling your home during the slower winter months and working with experts who really understand your needs.