Winter Market Report
Just like with all things in life, there are seasons even in real estate. With 17 years in the industry, I have experienced many, some I definitely “weathered.” As seasons change and we head into fall and winter, many folks will ask, “Should I wait to list my house until the spring selling season?”
If a client had asked that question the first 10 years into my real estate career, I would have generally guided them towards the spring season. There was little Buyer activity through the winter months as it was common to simply wait until March. In fact, the first 10 years of my career, I didn’t make a home sale from November through March, each year.
With the extremely competitive Buyers’ market, however, combined with low housing inventory and historically low interest rates, we have seen a shift in the “spring selling season”. Buyers have become incredibly proactive to secure a home.
Our local market tends to grow quiet only between Thanksgiving and Christmas, given the holidays. After the new year, “Spring Selling” begins! If clients are considering buying or selling in anticipation of “spring” that begins mid-January in our local market. In their proactive efforts, buyers have started their home searches earlier. The first wave of closings now tends to occur at the end of February through the end of March. We experience an enormous spike in buyer interest, right after the first of the year. With that info, I advise clients on whether to list their homes going into fall and winter:
* Buyers have started their internet search and pre-approval process
* Listing a home can take time so it is best to get that process started
* The wave of listings has not yet occurred so by listing in the fall/winter, Sellers essentially have front and center stage on the market to showcase their home
* Buyers who have to find a home in the fall/winter season, are not “kicking tires” as they have got to find a home. They know snow is coming and want to get settled in.
If you are considering buying come “spring”, the best success will be to align with your real estate expert soon. Start to fill your toolbox with critical information on pricing, lender pre-approval, and preparation so that when the perfect home comes on the market, you are ready to make an informed decision and ultimately, a strong offer. If you are considering selling, and to achieve the highest success, reach out to your real expert now. Now is the time to start preparing for “Spring”. Obtain the market analysis, declutter, finalize any home repairs in anticipation for the wave of buyers.
Through any season, we welcome the opportunity to “Be Your Guide” to “Love Where You Live”. Call upon our collective 40+ years of experience between Kestrel Realty Group and Magenta & Co.
- TIFFANY BENTLEY