Most people traditionally believe that spring time is the absolute best time to sell your home. The belief makes sense considering everything is in bloom and kids are finishing school. However, what most people don’t realize is that the market tends to have two peaks during the year. The first, is of course, in late spring/early summer, but the second is surprisingly in late fall/early winter. Why is this?
1) The Holidays. While schools may be the main motivation for moving over the summer, the holidays tend to drive motivation for moving in the winter. A lot of people want to be in their new homes before Thanksgiving and Christmas. They envision having all the family over to show off their new digs over Thanksgiving dinner or celebrating their first Christmas decorating their new home. The desire to be moved in and settled by the holidays can make even the most reticent buyer get off the fence.
2) Less Inventory. There is less competition in the fall and winter months which means the homes that are on the market get more attention. This is especially true in a hot market like we’ve had in 2018. There are a ton of buyers that got tired of competing against 10 other offers for the same home and decided to take a break for a while until the market cooled. You can bet they will be starting their home searches again now in hopes that they won’t have to compete as much with other buyers.
3) Interest Rates. Interest rates have slowly begun to creep up and the fed is expected to raise rates slightly in December. This is yet another reason that buyers who sat the spring market out will want to take advantage of this fall and winter, so that they can get more house for their money.
4) Life Happens. People move year round due to job changes, family additions, downsizing, etc that have nothing to do with flowers or schools. They aren’t constrained by time limits and are simply waiting for the right home to come on the market. This is even more of a factor in areas where the school system is year round and they don’t have the pressure to have to move during a certain time of year.
If you’re considering selling your home and want to meet with a professional who can give you an estimate of your home’s worth as well as what you’ll need to do to get your home ready for the market, contact us today or schedule your appointment online.
-by Samara Presley, licensed Real Estate Broker with Smart Choice Realty