Winter will here before we know it, but that should not give you any concern at all if you are considering putting your home on the market for sale in the next few months. Here are my reasons why:
1. The winter market can be less competitive for Sellers since many families will wait until Spring to list their home. Economics 101: Supply and demand. Supply goes down, price goes up. This creates a unique opportunity for a Seller to make a little more money just by selling in the Winter months.
2. The smaller amount of inventory in the form of active listings will allow Sellers to get more attention from a bigger pool of Buyers. This bigger pool of Buyers creates another unique opportunity for Sellers in the Winter months. A bigger pool of existing Buyers will typically translate into shorter times before a Seller can expect an offer.
3. Many people do not know this, but many larger corporations will transfer existing employees or hire new ones early in the new year. During this time period, and especially in larger metro markets like Denver and Colorado Springs, this activity tends to produce highly motivated Buyers for Sellers listing their homes in the Winter.
4. Buyers looking to purchase in the winter tend to be more bound and determined to buy. Most folks will not do a great deal of window shopping in the harsher weather months of December and January like they tend to do in warmer months like March and April. Listing your home in the Winter will likely eliminate some of the ‘lookie loos’ of the Spring months.
To support my rationale, I found a study that came out in late December, 2013 from the online brokerage firm, Redfin. This study found that Sellers net more above asking price during the months of December, January, February, and March than they do from June through November. Further, homes listed in Winter sold faster than those listed in Spring. The likelihood of selling a home when listing in Denver broke down like this: If you listed your home in Winter, you had a 77% chance of getting it sold in six months or less, in the Spring, you had a 64% chance, in the Summer, you had a 63% chance, and in the Fall, you had a 68% chance.
Winter is coming friends, and numbers don’t lie! If you are needing or wanting to sell your home in the Winter months, you can and with confidence! Feel free to give me a call.