..Should I Consider Buying Or Selling A House In The Winter?
Firstly, should I base my decision on whether the groundhog predicts 6 more weeks of winter? Aah... NO!
However although this post is for fun, here are a few insightful take away tips when considering selling or buying a house during the winter months.
For fun, let's say the groundhog see's its shadow and theoretically there are 6 more weeks of winter..
Is it a good time to sell a house?
The answer is No!
Your house may sell but the fact is when "the weather outside is frightful" as in cold and snowy, buyers are more likely to hunker down and stay home. Let's not forget credit card statements have arrived after the holidays and buyers are more focused on paying down the extra debt. Buyers are feeling financially insecure. As a result buyers are less inclined to jump in the car and begin shopping for houses. With fewer buyers searching on the market means less demand and greater supply so although your house may sell, you will likely need to consider selling at a discount!
On the other hand..
If you are looking to buy a home, is this the best time of year to buy a house?
Yes!
Here's why:
- There is less competition for a home during the winter months so you will likely get a better price. More supply less demand.
- The seller has likely missed the fall selling season and their property is now stale. After missing that small fall selling season, then struggled to sell throughout the holidays and no takers, sellers have had enough. They are more likely to take a lower price because at this stage, the seller just wants rid of the property and the selling process all together.
A few other interesting tips to consider when buying or a selling a home...
The best time of the month to make an offer on a house....
At the beginning.. Why? The seller has just made another mortgage payment they didn't want to make and doesn't want to make another one.
Numbers to avoid in your price when you list....
Zero... If you list your house for $489,291, it is perceived by buyers as a better bargain than $489,000 even though $489,000 is actually less. Using zeros at the end of your price will be viewed as more expensive.
Best day of the week to list your property...
Thursday... Since most buyers will be out shopping on Saturday, one of the busiest days of real estate, your home will be perceived as having been on the market fewer days if you listed on Thursday then had you listed on Monday. As a result, you are more likely to receive a full price offer.
If you enjoy my blog posts, please feel free to share them with family and friends and if you are interested in selling your home for the best price or would like to receive a free market value estimate, contact me.
Rachel Craggy has a license in real estate and has been working in the real estate industry for the last 10 years. Successfully flipping houses since 2015, Rachel has an education in interior design and real estate staging, was the owner of a success home staging company in Toronto and has worked with many home owners to help them achieve their real estate dreams