Take advantage of low inventory.
Since most sellers are waiting until spring to list, local inventory falls during the off season. However, there are always motivated buyers who are ready to move now who don’t want to wait to purchase a home. According to the National Association of Realtors (NAR), 55 percent of all buyers purchased their home at the time they did because “it was just the right time.”2 These eager buyers may flock to your home. You may not need to try as hard to make your home stand out in the sea of other similar homes. With less competition, more buyers - some of whom may have otherwise overlooked your home if you listed during the peak - could express an interest in buying. While you’ll likely to have fewer showings in the off season, buyers who do visit will be more serious about writing an offer. Your home will likely sell faster than it would have during the peak season.
Set a higher listing price.
Homes sold during this time sell at a higher price, on average, than those sold during the spring and summer peak for many reasons. First, motivated buyers are willing to pay closer to the asking price for a home. Second, homes are more likely to be priced correctly and reflect the economics of not only the local market, but the neighborhood as well. Often houses listed during the peak are priced to compete with other homes in the area and neighborhood. Sellers may be pressured to sell for less than the list price in order to encourage buyers to choose their home out of the others on the market.
Garner more attention.
While our team always strives to give you the personal attention you deserve, when you list during the off season, we’re able to work more closely with you to ensure your home is perfectly prepared for its debut on the market. We can also take more time to answer your questions, address your concerns and prepare you and your home for the sale.
Additionally, if you’d like to hire a tradesperson to handle some routine maintenance or undertake minor home renovations before you list, you may be able to take advantage of flexible scheduling and cheaper rates. Many professionals experience a winter off-season as well, and will have the time to focus on you and your project.
More easily maintain curb appeal.
Curb appeal attracts the buyers who are driving by in addition to those who saw your home online and wanted to see it live. It sets a stage for what interested buyers can expect when they enter the home during a showing or open house. If you list your home during the peak of the selling season, you may exhaust your time your energy maintaining curb appeal. You’ll likely spend most of your free time mowing the lawn, weeding, trimming shrubs and hedges, planting flowers in pots and in flowerbeds, pulling spent blooms and watering to ensure it looks lush and healthy continually. After all, a beautiful setting will attract potential buyers and set your home apart from other similar homes in the area.
The off-season eliminates the pressure to maintain a picture-perfect front landscape. Since most grass, shrubs and plants go dormant this time of year, there's less to maintain.
Tap into the life changes of buyers.
Many buyers receive employee raises and bonuses at the end of the year. If they’ve been saving to buy a home, this extra money may allow them to reach their goal of a down payment. Additionally, companies often hire new employees and relocate current ones during the first quarter of the year, creating a strong demand for housing.
Thinking of Listing in the Off season?
If you’re thinking of selling, give us a call! We’d love to help you position your home to sell in our market.
Sources: 1. Time, October 30, 2015
2. National Association of REALTORS, 2016 Profile of Home Buyers and Sellers