As we move closer to winter you’ll no doubt start hearing about how lousy winter is for the real estate industry. “Winter can be the toughest season to put a house on the market,” claims Adam Verwymeren at Fox News.
Most of us who actually work in the industry know better.
Winter has its advantages when it comes to buying and selling homes in Madison.
Consider the source
When reading stories about anything, it’s always good to consider the source. Mr. Verymeren at Fox News, for instance. There’s no bio that accompanies his article so we have no way of knowing if he is involved in the real estate industry and, therefore, no way to gauge the veracity of his information.
So, when the Associated Press’ Dave Carpenter says that winter is the “slowest and dreariest sales season of all” to sell a home, why would you believe him? It’s highly unlikely that a journalist has ever done a real estate deal in any season, let alone winter.
Okay, so what is the reality when it comes to winter home sales? Fewer homes sell in winter than in spring. In fact, home sales tend to taper off in November and in January they really slide. The reason for this is that fewer homes are on the market, not that homes aren’t selling.
Many homeowners who didn’t sell in fall will take their homes of the market before the winter holidays, therefore, the inventory of available homes decreases. So, no, it’s not the “cold, dreary weather,” and it is certainly not for a lack of interested homebuyers.
Your chances of selling are better in winter
The truth is, in winter, real estate sells quicker and for more money. One of the large real estate chains did a study of winter home sales and found that homes put on the market in winter are 9 percent more likely to sell and they bring in 1.2 percent more than list price.
And, yes, this includes homes sold in areas with frosty winters, like Madison.
If you’re considering taking your home off the market for winter and relisting in spring, consider this: Other home sellers in Madison are considering doing so as well.
Let THEM take their homes off the market, leaving yours with less competition.
Do people shop for homes for sale in Madison in winter?
You betcha. And these homebuyers are motivated. Someone who is willing to brave 25-degree temperatures and 12 inches of snow to look at homes for sale has a reason.
Typically, these reasons include the need to relocate for a job and, especially now, those who want to beat the Feds’ interest rate hikes.
I have some ideas for creating winter curb appeal that I’m happy to share with you. Whatever you do, speak with me before thinking of taking your home off the market for winter.