Many people may think that selling a house in winter is difficult—but that’s actually a misperception. While colder temperatures and holidays may seem like deterrents for some buyers and sellers, the fourth quarter of the year has its own set of benefits. Here is what Beau Keenan, President of Dickson Realty, and Rebecca Dickson, Vice President of the Dickson Luxury Division, had to say about why selling a house in winter can be advantageous.
Benefits Of Selling A House In Winter
One of the biggest ways sellers can benefit from listing their home during winter is that most buyers in the market are incredibly motivated, Keenan said.
“Buyers that are out looking are typically the most serious,” he said. “They’ll move heaven and earth to buy something. So, if you can get into contract with a buyer in Q4, they’re more likely to go through with the transaction and the contract because they’re having to make a move.”
And while there’s a perception that demand for housing is low during the winter, the reduced inventory typically works in a seller’s favor as well, Keenan said.
“Sellers have less competition typically than in the other quarters,” he said, “If there’s less supply, that’s a good thing for you as a seller.”
While home prices have typically plateaued during the fourth quarter, the market may react differently in 2020 due to the COVID-19 pandemic.
“A lot of people think that Q4 of 2020 will not behave traditionally,” Keenan said.
Typically, inventory, demand, and pricing level off in the last few months of the year. However, due to the already low inventory levels in the Northern Nevada housing market—particularly in the less than $600,000 range—this may not be the case in 2020.
“Because inventory is already so low, even with some slowdown in demand, there’s enough demand out there to continue driving prices up,” Keenan said.
Individuals hoping to relocate to Nevada from California to escape higher taxes and natural disasters could also contribute to increased demand, he added.
How To Navigate A Winter Real Estate Sale
While low supply, consistent demand, and increasing prices may all be incentives for homeowners to sell their homes during winter, many may be worried about their next move.
“I think that’s a big part of why we have the inventory crunch that we do,” Keenan said. “There are people who feel stuck. They want to sell, and they want to move, whether it’s out of town or they would just want to move up or down in the Reno-Sparks area. But they don’t want to sell their home and then not be able to buy and move into a new home without having a gap.”
Sellers who feel that way should absolutely work with an experienced REALTOR to explore all the possible solutions and opportunities available, Keenan said.
“You want to work with an agent who knows how to set you up best to succeed,” he said. “To be able to sell your home and find something in that same timeframe really takes a masterful touch.”
Buying or Selling A Luxury Home In Q4
In the luxury home market, winter can actually be an excellent time for buying or selling, Dickson said.
“In my career over 34 years, the largest transactions I’ve done have been at the end of the year,” she said. “I can’t tell you how many times I’ve been writing offers on Christmas Eve or tromping around in the snow, showing property.”
Like Keenan, she attributes some of this activity to individuals who want to leave higher-tax environments such as California before the year’s end. The fourth quarter may also coincide with the time of year when individuals receive bonuses or incentives.
For some buyers and sellers, the holiday seasons and breaks can work in their favor. Time off from school or work can mean time to explore a new home.
“Let’s say you’re thinking of relocating, and you’re very busy, the holidays can be a good opportunity to come and visit and look at real estate,” she said. “If you come up for a ski weekend or you’re coming to visit family, it’s another excellent opportunity to look at real estate.”
Learn More About Selling A House In Winter
If you want to take advantage of some of the favorable aspects of winter to sell your home, contact one of our experienced REALTORS today. They can help you navigate this time of year and find the ideal solution for your needs.