As the cooler weather sets in, many people considering going to the market will be faced with a conundrum – sell in winter or wait until spring?
Aside from the practical considerations such as work commitments, school terms and actually being ready to go on the market, the impact of the season on a campaign’s success is often misinterpreted.
The winter vs spring debate rolls around every year with predictions of low or no activity during winter and a plethora of new listings ready for the spring market.
There is no doubt on two points that are accepted wisdom about the selling season. Firstly, there will be a lot of new listings to hit the market in spring that have been held back over winter. Secondly, houses present better in spring than winter.
These two points can cause people to jump to a third, incorrect assumption, that spring is a better time to sell than winter.
Economics trump seasons when it comes to the selling price. If you believe the market conditions will improve later in the year, then it would be sensible to wait. If you assess the market conditions will worsen, then waiting for better weather and a flowering garden may not be so prudent.
Winter is often under-rated as a selling season. The fact that many competing home sellers hold their properties for the spring often creates a shortage of stock on the market during winter. With stock tightening more than demand during these months, there are clear advantages to the winter property sellers.
“Winter should not be instantly dismissed as a poor season to sell. Stock tends to tighten more than demand does during winter, creating clear advantages to the winter property sellers.”
Over the years, the winter market often outperformed spring in terms of price growth.
Admittedly, the presentation may not be as good in winter, but does that really matter if the price is right?
If you have been thinking of selling your home this winter, or would simply like to know the likely value of your home in this current market, please contact the team.
Written by Peter O’Malley