During the holiday months, everyone’s in full on shopping mode. Though spring is typically the best time to list and sell a home, the shopping spirit of the season also applies to home buying. Since the numbers of buyers are lower during the winter than the spring, people will often make the mistake of trying to discount their homes to get them sold quicker. This is a huge mistake because even though Black Friday discounts may work to move consumer goods, it does not help sell a house. So if you are thinking of lower the price of their home from the pressure of the season, don’t do it!
Winter is the Second Best Time to Sell A Home
Even though the homebuyer traffic is higher in the springtime, winter is actually the second best season to sell a home. This is true even in Providence, where the harsh winter weather makes commuting around the city to look at homes more difficult. That’s because the people braving the weather to see a home are more serious than some of the potential buyers you’ll meet with in warmer weather. In fact, during the winter you can get well above your asking price if you stick firm to your plan. If broken down seasonally, here are the average percentages sellers can get above their asking price:
- Spring: 18.7%
- Winter: 17.5%
- Summer: 15.1%
- Fall: 14.7%
Furthermore, 46.3% of homes listed in the winter are sold within the season compared to the 48% of homes listed and sold within the spring. So anyone would be remiss to offer a discount with such seasonal market potential.
Wait for the New Year
Another benchmark home buying period is right after the New Year. So if you’ve listed your home in the early winter and are struggling to attract buyers, it’s better to wait for the New Year than to offer a discount. The holidays can be a costly time and with tax season quickly approaching, many homebuyers wait to the end of the year when the have a better picture of their financial situation to buy a home. Keeping a home on the market a little longer to make it through the New Year is much less expensive than offering a large discount on your property. Also, once you make it to the New Year, you’ll be right at home buying season. So before discounting your home, weigh the costs. You’ll definitely find that it’s cheaper to hold out a littler longer than to take tens of thousands of the asking price. If you are worried that your home is not going to sell because of the season, don’t be. winter is a great time of year to sell a home, so there’s no reason to offer a discount. Before taking a financial hit, wait out the season through the New Year. You may be surprised at market. Instead, focus this time on staging your home so that we you do have a potential buyer come through your door, your home will offer a comfortable and attractive retreat from the cold Rhode Island winters.