It’s cold out. The ground has become a big sheet of ice, to the point that skates would likely be a safer way for us to get around. So if you’ve been thinking of putting your home up for sale, I bet you’re likely planning to wait until the Spring time to do it. I don’t blame you. Winter = hibernation, right?
But what if I told you that putting your house up for sale now, instead of waiting until the Spring, might be a better idea.
I have two reasons why.
Reason #1: Less competition
Most people know that the Spring is usually the busiest time in the real estate market. The number of new properties hitting the market usually hits it’s peak in April and May, and then slows down through the summer, followed by a slight resurgence in new listings through the Fall. Every year the market follows roughly this same pattern. Check out the graphs for Mississauga and Central Toronto’s new listings to see what I mean.
So while the Spring market is busier, that may not always be a positive thing for sellers. When you put your home up for sale in the Spring, you have a lot more competition. Your home has to be better than all the other homes that just went up for sale at the same time as yours. Yes, there are more buyers out looking for homes in the Spring months, but there is also more inventory for them to choose from so they can be picky.
When there is more competition, your home has to really WOW buyers! Otherwise, there is nothing stopping them from going to see the four other homes up for sale in a 2 km radius.
Reason #2: Buyers are house hungry in the Winter
If someone is out looking for a home in the Winter, it’s likely safe to assume they are very motivated. They trek through freezing rain and snow to go see homes, they meet after work for showings in the dark because the sun sets so freaking early, and they know the pickings are slim.
Because there are fewer homes on the market in the Winter months, buyers know they have to move quickly once a home is put up for sale. It could be several weeks before another house comes up that meets their criteria.
If your home shows well and is in a decent neighbourhood, you might even find yourself with a bidding war on your hands – in the dead of winter.
If you have been thinking of selling but decided to wait until the Spring, it might be worth reconsidering. There are buyers out there and they are hungry, motivated and not playing around. Your home might be just what they are looking for.
I don't bite. Promise! :)