If you’re like most people, you’re a little shy about selling your house during winter but statistics show that you may be able to sell faster (and for more money) if you do so during the winter months. Here’s what you need to know.
Should You Wait Until Next Summer to Sell Your Home?
Summer is the traditional selling season. The real estate market typically gets flooded with homes, and buyers are out in full force with cash in hand (or preapproval letters from their lenders). But should you wait until next summer to sell your home? Would you make a bigger profit, sell it faster, or otherwise be happier with the transaction if you waited? This guide explains why winter may be the best time for you to sell.
First, if you’re ready to sell, you’re ready to sell. Why force yourself to wait out the winter when you want to (or need to) find your next home now?
Another thing to keep in mind: This winter is unlike any we’ve experienced before in the real estate industry. The COVID-19 pandemic has changed real estate transactions dramatically, and that means that though the market usually slows down as the temperatures drop, that’s not likely to be the case this year. In fact, there are more buyers looking for homes now than there have been in previous autumns – and they’re not slowing down. A lot of people are looking for spaces that better fit their needs after being stuck inside for the past two years.
What Does the Data Say?
From March to October 2021, homes were selling faster than they did in any of the fastest-selling months in previous years. The demand isn’t stopping, either – and although there may be fewer buyers in winter, people are still looking.
Additionally, new home construction has slowed. That means many of the people who wanted to build their dream homes during spring and summer 2021 weren’t able to do so – but they still need new houses.
Here’s the takeaway:
- Inventory is low. Fewer people are selling their homes and more people are buying, which means that sellers may have a slight advantage.
- Homes are selling faster. In 2020, homes spent an average of 53 days on the market. As of October this year, homes spent an average of 45 days on the market.
- Home prices are at an all-time high. According to data from Realtor.com, the median home price in the U.S. is around $380,000. That’s up 9 percent from last year.
- Interest rates are still low, but they’re likely to go up soon. The Mortgage Bankers Association estimates that interest rates will rise to about 3.1 percent by the end of the year and 4 percent by the end of 2022.