Selling a House During Winter Holidays: Tips, Pros & Cons
How to sell a home in the winter
Winter is not the peak real estate season, but winter home sales are becoming more common, as home sales increase across all seasons. According to Zillow research, 23 percent fewer homes are sold in winter than in spring, and homes listed for sale in the winter stay on the market about five days longer compared to the yearly average time on the market, from listing to closing.
While it can be a challenge to sell during the holiday season, with some helpful strategies, expert tips, and creative marketing, you can find a great buyer for your home any time of year — even in the winter.
The truth about selling a house during the holidays
When we talk about winter, we’re talking about roughly December 1 to February 28, which includes all the major winter holidays, plus Martin Luther King Jr. Day, Valentine’s Day, and Presidents Day. This period of time is marked by not-so-great weather (in most of the country), holiday travel, and time spent with family.
What it’s like to sell in the winter
Over the past few years, winter home sales have increased and days on the market have decreased, but not necessarily because more people are buying in the winter. The more plausible explanation is that the housing market has been increasing in general, so there are more buyers for every season of the year.
And, when compared to the year as a whole, homes sold during the winter months do stay on the market a bit longer — a median of 92 days nationwide in the winter of 2018-2019, compared to a median of 76 days when looking across the full year.
Another way to look at winter sales trends is to track the number of total home sales by season. Note, winter has the smallest share of home sales of any season, but it’s likely because there are fewer homes on the market, which can mean less competition for sellers.
Who’s buying in the winter?
Simply put: All kinds of buyers shop in all seasons. It’s a common misconception that most home buyers have school-aged children, and that they only shop for homes during summer vacation. In fact, according to Zillow research, more than half of buyers don’t have kids under 18 at home, so they’re not limited by school schedules.
Benefits of selling a house in the winter
- Motivated buyers: While more buyers are looking in the spring and summer months, the buyers actively shopping for a new home in the winter are likely very motivated — often moving because of a job relocation, change in financial situation, or change in family needs.
- Less seller competition: With fewer homes on the market in winter, there’s less competition from other sellers, and a limited inventory for buyers.
- More time off work: People tend to take time off work during the winter, and three-day weekends like MLK Day and Presidents Day can be popular home shopping days. As a seller, it also means more options for showings and open houses!
- More attention from agents: When agents have fewer listings, sellers receive more of their undivided attention. The same goes for buyers’ agents — they have more time to arrange showings and negotiate deals.
- Tax benefits: Buyers looking to purchase homes before the end of the year for tax purposes find December listings ideal.
Challenges of selling a house in winter
- Lowball offers: Buyers may think winter home sellers are desperate to offload homes, so be prepared to field lower offers than you might during other times of the year.
- Curb appeal is limited: In the dark, dreary winter months, it’s a challenge to show off a home’s exterior, especially landscaping.
- Financing can be delayed: Due to vacation schedules and bank holidays, it can take longer for buyers to get financing finalized during this season.
- Less likely to get multiple offers: In the busy spring and summer season, sellers often find themselves in multiple-offer situations, where they’re able to pit multiple buyers against each other to increase the final selling price. This is less likely to happen in a slower selling season.
- Some home flaws are more apparent: If a home is drafty, dark, or leaky, these flaws tend to show themselves more dramatically during the cold winter months.
See more at…https://www.zillow.com/sellers-guide/selling-house-during-winter-holidays