It’s a pretty widely accepted that real estate is a seasonal industry. In most cases, the busiest periods tend to align with the school year, which also happens to be when the weather is nicest!
So is it ok to sell your home during the winter? We are strong believers that yes, it is! Although the experience of selling your home during the winter months is certainly different than selling at peak times, it’s still possible to successfully sell your home in the wintertime.
Here’s what you need to know.
First, The Challenges of Selling in the Winter
Before we get into the benefits of selling your home in the winter, let’s take a quick look at some of the main challenges you might face.
The Weather
Inclement weather like snowstorms and ice rain not only puts a damper on your holiday plans but can also create dangerous driving conditions that some buyers might not want to risk. You may see an increase in rescheduled or cancelled showings compared to other times of the year.
Holidays
Speaking of holiday plans, you might have to be more flexible with your celebrations if you plan on selling over the holidays. Although your agent will do their best to accommodate your schedule, it’s certainly harder to make plans in advance when selling a home. We recommend making plans to have holiday dinners elsewhere (and it saves you the hassle of hosting!).
The Property
Many buyers prefer to buy a home in the spring or fall because there is no snow covering the ground and they can clearly see what the property looks like. It’s one of the reasons why we recommend taking listing photos in the summer months to capitalize on the beautiful and lush trees and grass. Not knowing what’s under all that snow might be a deterrent for some buyers.
Wondering how to prepare your home for a winter sale? Start with our Ultimate Winter Checklist right here.
So What are the Pros of Selling During the Winter?
There Are Fewer Buyers, but They are More Motivated
Most buyers tend to plan their moves around the school year because it leads to fewer disruptions in their lives. This means that during the busy seasons, the market is flooded with buyers all vying for the same thing.
In the winter, it won’t surprise you to find out that there are fewer buyers in the market actively looking for a new home. However, of those few buyers who are looking, they are much more motivated to take action.
Winter buyers are typically looking for a quick sale. They might be working with a job change, relocation or lifestyle changes that require them to find a new home ASAP.
Sellers can use this urgency to their advantage, negotiating more favourable terms, closing and even a higher asking price for buyers who are eager to make a move.
Fewer Properties For Sale Also Means Less Competition
In addition to having fewer buyers in the market during the winter, we also see reduced inventory.
Many people will either list in the fall or wait to list in the spring. So if you decide to sell during the winter, you are not only capitalizing on highly motivated buyers, but you are also going to stand out because of the limited available inventory at the same time.
Lock in That Mortgage Rate
Experts are predicting that mortgage rates are going to spike in the spring of 2022. Savvy buyers know that this means they should get locked in at a low-interest rate and get pre-approved now before things go up.
The only issue? Mortgage rates on pre-approvals come with a time limit. Typically the expiry on the rate is between 30-90 days. This means if you get pre-approved for a mortgage in December, the latest you can buy at that low rate would be February.
Selling your home with Woolcott Real Estate has its definite perks and advantages. Take a look at some of our selling pages here:
- The Woolcott Selling Advantage
- Why Now is a Great Time to Sell Your Home in Hamilton
- How Sellers Can Make the Most of a Hot Market
Considerations to Make When Selling Your Home During the Winter
Selling during the winter is entirely possible and for some buyers, it’s actually the right move to make. But there are a few considerations you should make when preparing your home for a winter sale. Here’s some food for thought:
- Ensure that your driveway and walkways are plowed, shovelled and de-iced for safety reasons.
- You can still maintain great curb appeal by making sure your yard looks great with well-maintained landscaping, clean gutters and timeless holiday decor.
- Speaking of holiday decorations, it’s best to keep things traditional and minimal to appeal to a wide range of buyers.
- Make sure your furnace, plumbing and electrical are all functioning properly. There’s nothing worse than hosting a showing and having the furnace give out.
Whether you’re ready to sell right now or you’re planning for an early 2022 sale, Woolcott Real Estate is here to help. Book an in-home home evaluation here and be entered to win a $1,000 MasterCard gift card. (Offer valid from October 12, 2021-January 31, 2022)
