Selling your home in the winter presents several unique opportunities:
1. Inventory is still low.
Though the housing market is nowhere near as frenzied as it once was, inventory remains at historically low levels:
Historically low inventory, coupled with seasonally low inventory in the winter, suggests that listings will be limited. This could help attract more buyers to your house.
2. Homebuyers are motivated.
Homebuyers hunting off-season—like those in the fall—are bound to be motivated. Serious buyers shopping in the winter aren’t usually going to visit an open house for the fun of it. Those attending a showing are probably going to be the ones who need to purchase by a certain date.
It’s also possible that some homebuyers hunting prior to the holidays may be motivated by the year-end tax break. Homeownership can offer a number of tax write-offs for those making itemized deductions.
When the weather outside is frightful, house hunters may find your home delightful.
Connect with a local Academy Loan Officer to see if selling your home in the winter makes sense.
3. Home prices may keep rising.
Rapid home price growth has certainly cooled. Though predictions are mixed, many housing authorities still don’t expect home prices to decline. CoreLogic predicts 3.4 percent home price growth within the next year.
While this is good news for equity growth (more on that below), it also indicates that a new home is likely to cost more a year from now. Your Loan Officer can provide you with a clearer picture of how this could impact your next purchase.
4. Your house may get more attention.
Less inventory means less seller competition. Selling your home in the winter may help get more eyes on your property than you would in the spring.
On top of that:
- If you list around the holidays, your neighborhood will naturally be more inviting.
- Depending on where you live, crisp leaves or fresh snow on the ground offer instant curb appeal.
- You also won’t have to worry about the cost and time involved in landscaping as you would in spring and summer.
Winter buyers may have more free time if they’re on vacation over the holidays. With days off work, motivated homebuyers may start browsing houses and booking showings.
5. You probably have more than enough equity.
If you’re anything like the average homeowner, you may have accumulated nearly $300,000 in equity. This can fluctuate by state. The National Association of REALTORS® (NAR) reported that: “A homeowner who purchased a typical home five years ago would have gained $125,300 from just price appreciation alone.”
You could potentially use this equity to sell and move up, relocate, or downsize. You may have enough equity to fund some or all of a new home’s down payment.