Selling A Home This Winter?
Updated: Jan 18, 2021
Here's what you need to know.
Nobody buys or sells a home in the winter, right? Well you're actually wrong. If you check the numbers you will find that a good chunk of homes (19% to be exact) are sold during the Winter. In fact, there are actually some advantages to selling while the weather outside is frightful.
What are those advantages? Let's talk about a few.
Selling a Home in Winter 1. Mortgage Rates are Low Mortgage Rates still remain over a full point lower than they were a year ago. With mortgage rates low, many millennial home buyers are flooding the market to purchase a home. Sellers in turn with lower rates can sell their home and "move up" into a bigger home with a lesser payment. 2. Less Competition With the start of Spring will come a flood of new homes listed on the market. You home will become one of many homes for qualified buyers to choose from. In the Winter months you have much less competition. Again, 12% less competition to be exact for you numbers people. With buyers having less homes to choose from it could mean that your home will sell faster! 3. Buyers Looking are Serious If a buyer is out in colder weather and making time between holiday parties and preparation to look at homes you can bet they are serious! Many buyers looking for homes in the Winter are up against deadlines: expiring leases, relocation, or a contract on their current home. 4. Off Work for the Holidays Most people have extra time off around the holidays. People who otherwise rarely have time to house hunt now have more time for browsing homes online or even scheduling home showings. 5. Year End Tax Break
Home buyers looking to purchase by years end could be motivated by the tax benefits of doing so. Home buyers can write off certain expenses of their home purchase on their taxes ex: mortgage interest, PMI, real estate taxes. All the more reason to get in a home before the new year!