We’ve heard from a few home sellers that they plan to take their homes off the market until spring.
- Do experts think prices will be higher in the spring? No.
- Will interest rates be lower in the spring? Very unlikely!
- Will there be more competition in the spring? Yes.
Wondering how to improve your odds for a successful home sale in Oregon?
Keep the thermostat set at least 62 degrees, make sure each room is well lit for evening showings and make sure the curb appeal and staging remain in tip top condition!
This blog by Catherine Condon says it so well:
Via Catherine Condon (Integrity Residential Brokerage):
Selling Your Home During the Winter Months
Here in New England we are blessed with 4 seasons and we’re coming up on winter. Whether you’re a REALTOR or the average person, I’m sure you’ve heard this statement “I’m going to take my house off the market because no one is looking to buy during the winter.” Or, how about this? “I’m going to wait until spring to put my house on the market when there are more buyers looking and prices are higher.” While on the face of things, these statements may seem logical, let me point out a few reasons why it may not make sense to wait.
Let’s take a look at the first statement:
No one is looking at houses during the winter – Interestingly, we aggressively market and sell property year round but Integrity Residential Brokerage closed more homes from October – February than during the spring. I find that serious, well qualified buyers look at housing year round.
Less inventory = Less competition: That means that those “serious, well qualified buyers” that are looking at homes will have less to choose from. Your home will have less competition which may, in fact, result in a better sale price.
Young home vs. new construction: Perhaps you own a young home and you’ve been competing against aggressively priced new construction. During the winter months, unless the foundation has already been poured, construction of a new home is quite difficult. Your young home now looks mighty attractive for someone who needs to move now!
Relocation Buyers: Statistically, more relocations happen in January than any other month. This is an excellent source of potential buyers that you may be missing, if you’re waiting until spring.
Less showings: You may get less showings but the folks viewing your home are likely serious, well qualified buyers, who want to move now.
Now, let’s take a look at the second statement:
I’m going to wait until spring when there are more buyers and prices are higher – Waiting until spring to market your home may result in more showings but how many of those are motivated to buy at that time? Typically, in the spring, we’ll see buyers who are thinking of moving, have a house to sell, haven’t been pre-approved, or want to consider owning vs. renting.
Are prices going to be higher in the spring? Only time will tell but I wouldn’t count on it. During the past couple of years, values have been declining markedly. While “waiting for the spring” might have been a good plan 5 years ago, it no longer has merit. Every passing month could result in a lower sale price.
In summary, there are plenty of serious, well qualified buyers searching for homes during the winter months. Interest rates are at a historical low. Your competition is sitting it out waiting for warmer days. Now may be the just the right time to sell your house!
Posted by: Catherine Condon, Broker MA & NH
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