If you’ve been listening or reading all the real estate news lately, you’ve undoubtedly heard how the real estate market nationally has been picking up over the last couple of years and that home values continue to increase. That’s certainly been happening in Ridgway and all around the Colorado Western Slope. In fact, one of the biggest problems I’ve had for my buyers is lack of inventory.
One reason right now for this lack of inventory is that many sellers (some of mine included) are waiting until spring or next summer to either list or re-list their homes that expired in the fall. Spring and summer are generally considered the hot selling seasons.
However, there are advantages when you list in the winter. According to the National Association of Realtors, winter home sales have increased 4.5% for the last three years. This means that even though there is less inventory on the market, buyers are still buying. In fact, I bought my home in Ridgway in January. Here are 5 benefits to selling your home in the winter and why it might not be to your advantage to wait until spring.
1. LESS COMPETITION
In the spring, sellers flood the market. There is considerably more competition, giving buyers more homes to chose from. In contrast, your house has a relatively bigger buying pool during the “off” season.
2. SERIOUS BUYERS
Most people looking for a home during the winter are serious buyers. They may be up against a deadline (expiring lease, job relocation, etc.) or have been battling against other buyers during the peak real estate season and are ready to snag up an available property. In short, buyers in the winter are more motivated to buy and less likely to be curious lookie-loos or tire kickers.
3. BETTER OFFERS
People are generally more inclined to make offers at or close to the asking price. This stems from the previous benefits – more serious, motivated buyers and fewer homes to choose from.
4. MORE ATTENTION FROM YOUR REALTOR
Your realtor, including yours truly, most likely has a lighter load during the winter. Therefore, he or she has more time to devote to you and the motivation to make you a top priority.
5. QUICKER LOAN PROCESSING TIME
With fewer people buying, mortgage companies are able to process loans more quickly. Like realtors in the offseason, they have more time to devote to their borrowers, and more motivation to close as soon as possible!
In fact, everyone involved in the process, such as home inspectors, appraisers, handymen needed for repairs, title companies, and insurance providers, generally are less busy and more able to spend time on your transaction to ensure a smooth and quick closing. If you’ve been sitting on the fence about listing your home during the winter, why not take advantage of these benefits and list now?
If you’d like to get an idea what your home might sell for this winter, click the link below to request a free home valuation. 👇🏽👇🏽👇🏽