SEATTLE-Locally based Redfin recently released a report finding that winter is the best season to list a home for sale. Redfin analyzed homes listed from March 22, 2011 through March 21, 2013, and found that those listed in winter have a 9% greater likelihood of selling, sell a week faster, and sell for 1.2% more relative to list price than homes listed in any other season.
Surprise? I was. The data contradicts the popular sentiment that selling a home during winter is more difficult because there are fewer people looking to buy. Further, the advantage of selling a home in winter holds true in temperate climates as well as those with harsh winters, says Redfin.
For example, in each of the 19 markets analyzed in the report, including Boston and Chicago, home sellers were better off listing their homes in the winter than during any other season.
According to Redfin, many home buyers do hibernate for winter, but serious shoppers stick around. Redfin agents and analysts explain this trend by pointing out that winter home buyers tend to be the most serious, often looking to move because they need to, not because they want to.
“There are plenty of people who need to buy a home in the winter, whether it's because of a job relocation or major family change, like a new baby. These buyers want to get into a home quickly, and are sometimes willing to pay top dollar,” says Paul Stone, a Redfin real estate agent in Denver.
An anticipated rise in mortgage rates is another reason why it may be advantageous to list this winter in particular. According to Redfin economist Ellen Haberle, “The Federal Reserve has signaled that it plans to start reining in its stimulus program 'in the coming months,' which will push mortgage rates up. For many buyers, this expected policy change is motivation to strap on their boots and find the right home before rates increase, regardless of the cold weather.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
