“Over the river and through the woods, to grandmother’s house we go…” is a great holiday song. It conjures up memories of snowy nights, holiday lights and temperatures that sometimes make you wonder why you live in Minnesota.
The romance of winter is conducive to a lot of fun activities, but what about those of us that have our homes on the market or need to sell in the next few months? Do people buy homes in the winter? Doesn’t it make sense to wait until spring to put my home on the market?
It seems like this question or concern comes up every year. While most would think you should wait until spring, here are a few compelling reasons to keep your home on the market or to place it on the market now:
- Yes, Minnesota winters are cold, dark and icy which affects the number of showings you will receive. The other side of that coin is that the buyers that are coming through your home are serious buyers. You will not find many tire kickers out and about in our winter, the ones that do come through are ready to buy.
- Our homes also tend to look great this time of the year, decorated and dressed up for the holidays. Staging a home to sell is crucial if you want to garner the best offer and the holidays offer you a built-in reason to keep your home looking great.
- January 1st is not just a New Year for you, it is for a lot of companies as well. The Twin Cities is home to 19 fortune 500 companies and several thousand smaller ones. Many of these companies have new hires starting on the first of the year triggering home buying needs for new employees.
- This year is a little different as well. Interest rates are climbing and are predicted to adjust in December and this coming March. A rate of 5% today could easily be 5.5% or more in the spring.
Advantage homeowner & advantage home buyer.
- Winter is also the time we see our lowest levels of inventory or homes on the market. This is mostly due to the fact that home sellers think it is best to wait until the spring market. Historically, the number of listings in the spring will double over what is available in the winter. What this means to you is that buyers have less to look at and tend to make quicker decisions.
There is a negative with selling this time of the year as well. We all have parties, gatherings, and celebrations during which we would rather not be interrupted due to showings. The easy fix to that is to contact your Realtor® and let them know when your home will not be available…they can put a temporary hold on showings for you.
We have sales every year between Christmas and New Years. True the total number of sales drop, but those homeowners that are on the market are often rewarded by the simple fact that they are on the market.
If you have questions or concerns regarding marketing a home over the holidays, please feel free to give us a call at 952-473-7000 and we can discuss your opportunities!