1. Relocations happen all year, but January is the biggest month for them. It's likely because companies have new budgets and business plans to execute. Whatever the situation buyers needing to relocate are motivated and can make decisions fast.
2. If you're willing to house hunt on the worst days you're likely qualified as serious closer not just "tire kickers" or nosy neighbors.
3. Contrary to popular belief, the “spring market” in BC really starts in February. Some of the most aggressive bidding wars are fought in our wettest and coldest months. Buyers are ready in February and want to close for spring, but sellers often think they should wait until April or May, which of course is when everyone else decides to list their home. Ultimately translating into more inventory on the market – not great if you’re a seller.
4. Selling in winter allows buyers to take advantage of tax breaks if they buy before the end of the year. Another advantage are the year-end sales to buy appliances, furniture or cookware to maintain the new home.
5. Ahhh New Year, New You? As the arrival of January approaches so does a time of new beginnings. So in between visits to the gym and family dinners, a new home purchase might be just the thing to bring in a new year. And if you’ve been meaning to downsize or move to a different neighbourhood, this might be your opportunity for a new beginning too!
6. At the end of the year people have a clearer picture of their finances and of what they can really afford. It’s also possible to lock into lower mortgage interest rates than wait until spring when the rates may be higher.
7. Typically we will see fewer showings this time of the year. I know, that sounds somewhat counter-productive, but do you really want 100 people traipsing through your house? I’d rather 25 motivated and qualified buyers, just saying.
8. If you’ve invested in making your home energy efficient, there's no better time to show that off.
9. Fewer properties on the market means it’s easier for the marketing for your home to stand out. If you’re one of only a few houses on the market in your neighbourhood, you’ll undoubtedly get more people at open houses too.
An intriguing study completed by Redfin during 2010 to 2014 showed that the winter season starting from mid-December to mid-March was unexpectedly a favorable market for sellers.
February was rated the best month to list with an average of 66% of homes sold in 90 days, with above closing prices than other months, excluding April and May.
These statistics suggest that homes can sell for a slightly higher price in winter. While of course there can be arguments explaining the reasons behind this. I think it at least shows sellers shouldn’t underestimate winter as an effective time to list their home.
If you’re thinking about listing your home and want to find out what your home is worth or want to discuss the pros and cons of listing your home in the winter months, get in touch.
Oh before you go, It might be obvious but if it was me and I was planning to list in the winter months I'd be milking the festive cooking them by cook all of Grandma's recipes. There's nothing like the alluring scent of fresh baked goods and a warm cozy atmosphere. Shoot me a message and I'll be happy to send you Grandmas apple crumble recipe.