Real Estate Seasonality
Thinking about buying and/or selling a home during the holidays? Check out my latest article for some helpful tips on real estate seasonality!
The Pros and Cons of Fall and Winter Real Estate
There are pros and cons that come with buying or selling in the holiday season. The primary advantage of the fall season is that the attention is on you. Spring and summer are the busiest months for real estate, which results in less attention on you. Fall is your opportunity for exposure with less competition. Most real estate professionals will have more time during this season and will be able to focus all their efforts/attention on you. The biggest con of the fall season is less options. Most home sellers list their homes in the spring and summer months so home inventory is lower in the fall as a result.
A huge benefit of the winter season includes more serious buyers. Homebuyers who are looking to buy in the winter are more likely to be serious, upfront and get a deal closed. Weather is a huge factor to take into consideration in real estate. Cold weather conditions can lead to snow, rain, and other natural elements that can interfere with showcasing homes and finding interested buyers. Homebuyers are more likely to recognize the value of a home in the warmer months of the year vs the colder. Whatever season it may be, a major tip to maximize benefits from seasonal real estate is to monitor trends to develop your marketing strategy to profit on these opportunities.
How Do You Stand Out from the Competition during Fall and Winter?
Despite Fall being a slower season, it’s essential to maintain the integrity and aesthetics of your home in both its exterior and interior. Keeping the property up-to-date will make a huge difference in holding home value and attracting buyers during this season. Looking to invest in affordable upgrades to increase your home value? Try starting with visual repairs including fixing lights if necessary and cleaning all windows.
Competition appears to decrease after the summer season and most buyers have already purchased a home by September. Therefore, lower demand for homes results in lower price points. Homes commonly decrease in price after the summer months pass. It is also important to note that homes that do not sell over the summer season have to reassess their marketing approach and often drop their price as a result. If you monitor these homes, you could end up profiting big time.
The winter season demands great first impressions and that begins with home staging. The purpose of home staging is to emphasize your home’s strengths and minimize its weakness to present the property in its best possible condition to interested buyers. In the winter months, it is important to ensure your home looks warm and inviting from the outside and is cozy and welcoming in the inside. Make sure to clear walkways of snow and ice and make the effort to stage the outside with tasteful decorations and clean windows.
Just as seasonality tends to favor buyers in the fall, winter has also quickly become a great time to buy. There is even less competition for home buying in the winter than any other time of the year. People are extremely busy in the months between December and March with holidays and family events. Therefore, there is a lot less competition over the winter months and homebuyers can reap the benefits due to sellers being more willing to decrease their asking price to solidify a timely transaction.
So if you are thinking about buying and/or selling a home during the holidays, contact me for a free, no obligation consultation!