As the winter season begins, many sellers traditionally re-evaluate real estate listing tactics, such as staging and design, price adjustments, or taking a complete break. Industry experts, however, are predicting current market trends and other global and financial changes comparable to busy spring and summer seasons.
According to Lawrence Yun, chief economist of the National Association of Realtors: “It will be one of the best winter sales years ever.”
Contributing factors include high demand and record-low mortgage rates. Many prospective buyers are also seeking additional space as more organizations and academic institutions implement remote work and learning due to novel coronavirus (COVID-19) restrictions.
Learn more about these and other benefits of selling your home during the winter.
In the spring and summer, many sellers and buyers adopted a wait-and-see approach, or were hesitant due to (COVID-19) mandates and restrictions. The last few months, however, have already proven otherwise. Pent-up demand and an increased buyer pool can facilitate full price offers—or even higher. Record-low interest rates have also enticed more prospective home buyers, especially millennials and first-timers.
If you’re unsure of the current market, it’s best to consult a Contour Mortgage professional for further guidance.
Weather conditions, especially in cooler climates, often separate proactive buyers from browsers. The former won’t be deterred by cold, snow, and other seasonal elements.
Lifestyle and professional transitions, such as job relocations, upgrades or downsizing are also fueling the surge.
Those simultaneously selling and buying a home will urgently need a new living space prior to selling their current abode to maintain financial and lifestyle consistencies, as well as cover contingencies.
Corporate Bonuses & Tax Refunds
Many businesses distribute end-of-year employee bonuses, incentives, and commissions. This additional funding is often designated toward homes, cars, or other big-ticket items.
Corporate relocations generally occur during the first quarter, with organizations providing partial or full reimbursements for housing and expenses.
Income tax refunds and Economic Impact (Stimulus) Payments can be used for down payments and additional home-buying costs, such as closing fees, realtor commissions, and other expenses.
As online listings and quoting have become the industry standard, many mortgage lenders and realtors now conduct business through virtual meetings and video conferencing.
Some realtors host virtual tours and livestream open houses to emulate in-person experiences and keep home seekers safe from COVID-19 risks. This enables out-of-towners and others deterred by travel limitations, bad weather, or other restrictions.
t's easier to hire a contractor or repair person during the off-season, should the property require significant repairs and improvements. Some companies might also offer more competitive deals and pricing.
Seasonal Features & Highlights
While spring and summer promote exterior features such as pools, deciduous trees, vegetable and flower gardens, and other natural landscaping, winter can jump-start in-home mechanics. These could include a new boiler or hot water heater, draft-free windows, HVAC system, gas fireplace, and smart technologies.
Consult a Professional
It’s best to work with trained professionals, such as realtors, mortgage lenders, and other industry experts for additional guidance on trends, tips, and processes.