Some home sellers have a lot of flexibility when it comes to selling their home. As a result, they may be able to choose to place their home on the market during a season they believe is best. A common notion is that spring is the best season for home sales. But is this notion always true, in all locations? And if not, what other season might be best for home sales?
3 Reasons Why Late Spring/Early Summer is a Good Season for Home Sellers
There are several reasons why late spring/early summer is a good season for home sales:
- Buyers tend to come out in larger numbers after winter
- Families with children prefer to move when school is not in session
- Homes with extensive landscaping tend to have more curb appeal during spring and summer
Many home buyers in areas that have four seasons prefer to look for homes when the weather is nice. It’s a great time for buyers to get outside, after hibernating during much of winter to avoid snow and cold weather. Many home buyers use spring and summer as seasons to see what is new in nearby homes and gain ideas on how to spruce up their own home. Also, buyers with children understand they need to finalize contracts and be ready to move soon after the school year ends, usually in May or June.
3 Reasons Why Late Spring/Early Summer is Not a Good Season for Home Sellers
Just as there are several reasons why late spring/early summer is a good season for home sales, there are also several reasons why it is not:
- There is more competition from other homes on the market
- Home sellers with average homes have more difficulty capturing buyer’s attention
- More buyers tend to look at days on market as an indicator of home desirability
Just as some buyers prefer to venture outside after a long cold winter, so too do many other buyers. Greater competition often helps create a stronger position for home sellers, who benefit when buyers compete for their home. Insufficient levels of affordable homes in several markets, strong competition, and rising prices result in many buyers sitting out the late spring/early summer season. Also, many home buyers in late spring/early summer have no specific timeline and want to visit many homes at a leisurely pace.
5 Reasons Why Winter is a Good Season for Home Sellers
While late spring/early summer has both good points and bad points for home sellers, winter offers several distinct benefits:
- Winter home buyers are serious buyers
- Determining a realistic listing price is easier
- Serious buyers are less concerned about days on market in winter
- If you need to buy as well, you have less competitors to beat for your next home
- Spring will soon bring more buyers
Buyers in winter often tend to have specific needs and timelines driving their search. This means they are serious buyers, and not just a typical late spring/early summer home tourist. Home sellers can be assured that buyers truly want to purchase in the near term. Often these buyers are relocating to take a new job or to transfer with their current company.
Listing prices tend to better reflect actual market demand during winter. Some home sellers may inflate their listing price in late spring/early summer to test the waters for a higher price. By comparison, winter prices tend to be set to draw serious buyers with specific knowledge about the area, location, amenities, and comparable home prices. Buyers are less concerned with days on market than they are about the home’s features.
Winter home sellers whose home has not yet sold will benefit from the rapidly approaching spring season. As long as their home is still staged for buyers, they are perfectly poised for buyers venturing outdoors during spring.
What Should Home Sellers do During Winter?
Home sellers should consider placing their home on the market during winter. Those able to do so benefit from serious buyers, less competition, and the ability to have their home staged to sell early in spring if it has not yet sold. Also, some markets exhibit stronger buying patterns during winter. For example, Scottsdale, Arizona home sellers have been experiencing their best market during November for both lowest number of days on market and best selling price. Mortgage brokers also tend to be less busy during winter months. As a result, homes are able to move to close at a faster pace.
Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients and their transferees with their real estate needs when it comes to relocation. We can help your company understand how to obtain the best advantage during the winter home sellers’ market, whether selling a home as part of a relocation, or buying a home in a new location.
GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.
Learn best practices from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed and connected. Contact our experts online or give us a call at 800.617.1904 or 480.922.0700 today.