Are you having doubts about selling your home in winter? While the real estate market has begun to shift and tends to cool with the weather, there are still advantages to selling this time of year.
Supply and Demand
2021 was an unusual year because supply was extremely limited, demand was very high, and interest rates were very low. While interest rates have increased a great deal this year, the supply of houses for sale overall remains low. In Windermere’s Gardner Report for Western Washington, our Chief Economist Matthew Gardner notes that in this year’s third quarter “King and Kitsap counties were the tightest markets in Western Washington, with homes taking an average of 19 days to sell.” While we’ve seen more listings come on the market recently, there are still many serious buyers out there. Gardner says the market is shifting toward buyers but it’s still a seller’s market and the market is normalizing overall. And, when it comes to selling in winter, as Windermere Silverdale’s Branch Manager Nancy Mackleit explains, “It doesn’t matter what time of year it is, there are always sellers that need to sell and buyers that need a home.”
Home Prices Remain Solid
In Q3 of this year, the average sale price was $649K and the percent of list price received was 98%. Many people still want to move to Kitsap County, and the fact that we’re just a ferry ride away from Seattle with significantly lower home prices than the Emerald City benefits local home sellers.
Selling in Winter Means Less Competition
Typically, spring and summer are the busiest seasons for the real estate market. This means that for winter home sales there aren’t as many houses listed, creating a tighter market with fewer options for buyers. With fewer listings, your home has a greater chance to shine and wow potential buyers. Take advantage of the holiday season to highlight all your home has to offer. Decorate with fun outdoor lights and create cozy spaces inside to set your home apart and give buyers a welcoming respite from the cold. They’ll feel at home before it’s even theirs! Plus, winter is a great time to showcase things like excellent energy efficiency features such as a smart washer, a smart thermostat, or dual-pane windows.
Serious Buyers are Motivated
Typically, people aren’t out house hunting in winter just for fun. Not only is it cold, but it’s also a busy time of year with the holidays, visitors, and winter vacation plans. In winter, the people who are out looking at homes are serious buyers. Often, they need to relocate for a job or a growing family. Regardless of the reason, there is a level of urgency involved, which can benefit sellers.
Smooth Closing Process
With fewer winter home sales as compared to spring and summer, typically everyone who has a role in the transaction process has more availability. This includes appraisers, home inspectors, mortgage lenders, and escrow officers. For sellers, this is great because it’s easier to reach people, make appointments, and close the deal faster and more seamlessly.
If you’ve decided that winter is a good time to sell your home, contact one of our experienced real estate agents to help you get started.