Happy Holidays Faz followers! Hope your holidays are going just as pleasant as ours. If you didn’t realize, this is our last post of the 2011 season. It is very fitting that we end the year focusing on what matters the most to us at Roger Fazendin REALTORS®…our clients. Yes, this is our Mailbag edition. Our readers have a chance to weigh in and get direct responses from our experts. This week Katie, out of St. Louis Park, inquires whether or not it is worth keeping her house listed over the winter. Obviously, the warmer temps and lack of snow makes this is a unique winter. However, Katie’s concerns are extremely valid and common amongst our clients. The general notion is that in Minnesota, buyers typically slow down. Quite honestly, it is more convenient to show or view houses during the summer than the messy winter. I was able to speak with Roger Fazendin REALTOR® Corey Robertson, who recently fielded this question from one of her own clients.
Keep your house listed over the winter or pull it off the market until the spring…that is the question. Corey maintained that it was important for her clients to make the decision, while she provided the facts. Here is what Corey stated would be the cons to keeping your home listed over the winter:
“As we enter into the winter months, there are a number of home owners that decide to take their homes off the market. Let’s examine the facts: there are fewer buyers looking to purchase homes during the winter months in Minnesota. Furthermore, the homeowner may also be concerned about the amount of “cumulative days on market” (CUM), total days on the market. The total days on the market will increase with very few actually showings over the slowest months of the year.” The perception with some buyers is that the more time a home has been on the market, the more apprehension the buyer will have when viewing the house. Something has to be wrong with the house if it has been on the market this long.
Corey admits that there can be fewer buyers in the winter; however she offers a different perspective for their motives. “Typically, buyers who are looking for homes during the winter tend to be more serious verse some of the casual lookers that are just trying to get a feel for the market. Additionally, the inventory of homes that are for sale is much lower in the 4th quarter (October-December); Thus, resulting in less competition for your listing amongst a determined group of buyers.”
Corey went on to explain a change in thought for the total days on the market. “Although there is some validity to those concerns, the market has changed over the last several years in a number of ways. The “days on the market” is not as big an issue as it used to be. Days on the market has more to do with the economy than the listing itself. Sellers have many other factors to consider in today’s market and often it makes more sense to leave your home listed through the winter months. Sellers that decide to wait for the spring market are going to end up competing with brand new listings as well as other sellers re-entering the market in the spring. With many newer listings, the re-listed homes are often overlooked. Re-listed homes will show up as new listings initially, however their history is still easily found with a click on CUM which shows their actual total days on the market.”
One last benefit for selling during the winter months is that Appraisers can only go back three months to find comparable sales to use in their reports for your listing. The previous three months will include the final months of summer; which often consists of better months of sale. The Appraisers will usually be able to find more sold properties and higher priced sales during those months to help support your listing.”
This is some great insight from Corey Robertson and I would definitely encourage anyone weighing this decision to consider these factors. If you need some more guidance for your particular listing please feel free to contact Corey here, or any of our other knowledgeable agents.
This concludes our entries for the 2011 year. We will be back in 2012 with a special REALTOR® Profile as we visit with an award winner. In the meantime, have a great New Year!