Why winter may be a seller’s wonderland
Conventional thinking is that spring is the hot home buying season. But clients who put their home up for sale in winter may find a great buyer.
In fact, according to Bank of America’s 2018 Fall Homebuyer Insights Report, 24 percent of homebuyers think winter is the best time to purchase a home.
For clients selling their homes now, here are a few good reasons why winter is a good season:
Buyers who are looking for homes in the winter are likely more motivated. Life events, such as a job change, could push them to start looking now rather than wait until spring. Whatever their motivation, the best time for a buyer to move on a house could be in the winter—not spring.
The more motivated winter buyer will have fewer choices in available homes. Or to put it another way: your client, as the home seller, will face less competition. Thus, their home could stand out more in the winter.
Tighter housing inventory and rising rates
A tighter housing market nationwide is forcing homebuyers to be proactive all year long. Plus, interest rates may rise this year. With that looming prospect, homebuyers could be more motivated to buy in the winter before rates can increase.
An important tip for your client to remember in winter is to avoid pricing above market value. Some homebuyers have the luxury of waiting until spring and may pass on a home priced too high. But if the client sets a realistic price, they have the best opportunity to attract the right buyer.
As a Bank of America lending specialist, I am always happy to answer any questions you may have.