List in the Winter

Some home owners may be hesitant to list in the winter, believing the cold-weather season won’t attract many buyers or leave the best impression of their property. But while spring may be the peak home shopping season, owners may be able to sell their home for more in the winter.

The real estate brokerage Redfin found that on average, sellers net more above asking price during the months of December, January, February, and March than they do from June through November. The study found this is true even in cold-weather cities like Boston and Chicago. What’s more, homes listed in the winter tended to sell faster than those in the spring too.

“Timing always depends on supply and demand,” says Christine Dossman, a real estate professional in Indianapolis. Evaluate the number of days on the market for current and recently sold listings. If most listings are lingering for more than 60 days, home owners may find waiting until spring when more buyers emerge as more beneficial.

But “if properties are selling quickly, take that as a green light to list,” Peggy Vee, a real estate broker in Vienna, Va., told TIME.

However, winter home sellers need to be wise with their approach, agents say. The winter season needs special pricing considerations since there tend to be fewer shoppers, and as such, it can be a bad time to test the market and list high. Also, winter buyers will be more attune to issues like heating – the cost and maintenance. Also, home stagers say that the gray days ahead can leave a gloomy impression of the home too. They urge home sellers to still place a high importance on curb appeal such as with basic landscaping and cool-weather plants like holly to liven up the outdoor landscape. Home sellers can also try to create a sense of warmth inside the home, such as with throw blankets in the living room and stacked wood by the fireplace.

Source: TIME

***Many homeowners that were trying to sell during the warmer months, decide to take their home off the market as the cooler weather and holidays approach. Their thought is to relist the property in the springtime when there are more people "looking" at homes that are for sale. Not only are there more people looking, there are more properties to choose from.

In my experience, those homeowners that keep their property available for purchase during the "slower" months ultimately find that the prospective buyers are more serious about buying and there is far less competition. These are reasons to consider prior to deciding to take your property off the market.

- Scott Snyder