We all know that the housing market is cyclical, not only in home values but also when it comes to activity. There’s a reason your inbox will be flooded with messages from REALTORs come March, signaling the start of spring market. Spring and summer have long held their position as the best time to list, but technology has allowed the selling season to evolve.
We all know that the housing market is cyclical, not only in home values but also when it comes to activity. There’s a reason your inbox will be flooded with messages from REALTORs come March, signaling the start of spring market. Spring and summer have long held their position as the best time to list, but technology has allowed the selling season to evolve.
Thanks to the popularity of websites like Zillow and REALTOR.com, searching online is the most common first step. In 2018, 93% of people, regardless of generation, We all know that the housing market is cyclical, not only in home values but also when it comes to activity. There’s a reason your inbox will be flooded with messages from REALTORs come March, signaling the start of spring market. Spring and summer have long held their position as the best time to list, but technology has allowed the selling season to evolve.browsed real estate websites and half of all buyers found the home they purchased on the internet. Gone are the days of drive-bys and newspaper ads. Today’s buyers can embark on a 3D home tour anytime, anywhere. That extra exposure means that even someone who’s not actively house hunting might scroll through photos of your home and fall in love. Have these updated technologies made it easier to sell your home in late fall or winter? Here are the pros and cons of listing during the holiday seasons.
Pro – Serious Buyers
Buyers who are willing to trek through snow and subpar driving conditions are likely not window shopping. There are many reasons a buyer might need to find a home immediately: their job, tax benefits, change in current living situation. All agents have dealt with clients who aren’t entirely serious about their home search, but the ones that are braving the snowy season tend to be serious buyers with a pressing time frame. Northwest Ohio also houses four Fortune 500 headquarters and many notable employers. Job relocation is very prevalent in our area throughout the entire year.
Pro – Less Competition
Another benefit of selling during the holidays is that there is less competition on the market. For the past two years, there has been a 24-25% drop in listings during December and January compared to the busiest months of the year. The buyers that are actively searching for a home and need to find a place ASAP will have far less inventory to choose from.
Con – Smaller Buyer Pool
Having less inventory and committed buyers are great upsides to selling in the winter. However, fewer active buyers stills means fewer opportunities to sell. Often times there’s a pressing matter forcing them to move. Perhaps they just found out they’ll be having another baby and need a 4 bedroom home. Maybe they have an ill parent who needs to move in with them ASAP, so they’re only looking at ranch homes or certain floor plans. A smaller audience with very specific needs means your home is less likely to fall within their criteria. So when showings arise, it’s important to do everything you can to make them work.
Con – Decorating
The holidays are an especially nostalgic time of year and many of us have traditions centered around decorating. But keep in mind all the different religious holidays observed during these months. Your giant inflatable Santas or “Jesus is the Reason for the Season” pillows will be a turn off for some buyers. You should consider holding off on any decorating until after the listing pictures have been taken. Your furniture layout might change when the tree goes up, or those decorated end tables and mantles could look cluttered in photos. The last thing you want is for your home to look cramped. Also, if your home sits on the market for awhile, having decorations in your listing photos past the season is not a good look. If you can’t forgo holiday furnishings altogether, try opting for table top trees or centerpieces (after photography is complete) to keep the room open.
Pro – Make Your Home Cozy
On the plus side, selling during the winter gives you a chance to show off just how cozy your home can be. Here in the Midwest, there are always going to be cold and snowy months. A warm and inviting first impression will certainly help you secure a sale. Keep the heat pumping and burn pie-scented candles prior to showings. Use tasteful decor that will appeal to the masses: garlands of greenery, snowflakes, pinecone centerpieces and ornaments. Aim for a wintry nature feel as opposed to specific holidays. Emotion drives buyers, and even more so this time of year. You want to make them feel like your home would be perfect for themselves and their family on a snow day.
Con – Staying Show Ready
One of the biggest downsides to listing during the winter is keeping your house ready for showings. Life is particularly busy during the holidays; the upkeep of making your home presentable for potential buyers could take a toll on your stress levels. Another maintenance item to consider is accessibility during bad weather. You will need to keep up with shoveling walkways and driveways as well as salting patches of ice. No matter how welcoming the home is inside, a treacherous walk up will give a bad first impression. With curb appeal already lacking during the colder seasons, you can’t afford to lose any more first impression points.
Con – Poor Weather Conditions
We know that poor weather conditions will affect whether or not buyers will be viewing homes, but you also need to understand how that affects you as the seller. Buyers want to envision the home as their own when they walk in. Having a seller present during showings will hinder that mindset. Are you prepared to brave poor weather conditions and leave your house to allow showings? Under very extreme road conditions, it’s unlikely you will have many showing requests. However, if heading out for short intervals on a snowy or icy road is something you don’t think you can handle, you may want to wait to list.
Con – Closing and Financing During the Holidays
The “perfect sale” is a rare unicorn in the world of real estate, something that’s not often achieved even at the best of times. But being at the mercy of banks and title companies can be a little more time consuming during this time of year. If you accept an offer in the months from November through January, you will need to be flexible with the closing timeframe. Loan officers, underwriters, contractors and escrow agents are human beings, just like the rest of us. Their offices will close for holidays, and when they return they will have even more to catch up on. Loan processing will take longer; weather will affect what repairs can or can’t be done; closing can’t take place if the office isn’t open. If the closing date on your contract is smack dab in the middle of holiday chaos, understand that hiccups may happen and extensions may occur.
The best time to list depends largely on your home and should be considered on a case-by-case basis, but these are some scenarios to be aware of as the festive season approaches. It’s always best to discuss your options with us, so we can come up with an action plan and timeline best suited to your needs. Happy holidays & happy home selling!