While spring has a reputation for being a bustling time of the year for real estate selling, a surprising study has shown that winter can actually be the best time to make a sale. Unique conditions to the winter market mean that buyers and sellers are much more motivated than at any other time of the year. Here is why.
Coming in Out of the Cold
During the warmer months, there is less at stake when a buyer and their family lingers. They can enjoy sunny home showings and escape their rental or older property at any point if they find it dreary.
During the winter people are generally stuck at home. If they are unsatisfied with their property, or are staying in a hotel or cheap rental while they look to relocate, they will have much more of a reason to find a house and find it fast.
Viewing homes during the winter can be less pleasant than in the spring or summer. A buyer will have to contend with weather and a sun that sets early every time they want to see a prospective house. This atmosphere can impel them to be more efficient about viewing homes, only selecting the ones they are serious about. They will also be more honest with themselves about criteria in order to make a quicker decision.
All of these factors contribute to a buyer that has to decide what they want resolutely and then find it quickly.
Another defining condition during the winter months is that less people are listing their homes. Many sellers hold off until March or later when they can move during the summer.
Sellers that do decide to list during the winter get to enjoy much better odds. The choices that a buyer have are thinned, making them more likely to take an interest in a listed property. Since many businesses choose to hire or relocate employees around the beginning of the year, there is also less of a shortage of serious buyers than most people think.
The combination of lower inventory and highly motivated buyers means that homes can receive more than their asking price from December through February.
As long as a home has been priced correctly and the owner is ready to show at a moment’s notice, they have a great chance at finding an interested buyer. Since that buyer has an incentive to make a decision soon, they may also be more flexible about sales terms.
To take advantage of this unique selling climate for Vancouver Westside real estate, visit our selling page.