In the winter of 2016, 874 homes were sold in Orleans Parish, compared with the 1,162 that were sold in spring of the same year. Yet there are many advantages to picking the cooler season to list your home.
One of the advantages of listing your New Orleans home in the winter is less competition. It also comes with motivated buyers and the possibility of getting a strong offer.
You don’t have to wait for the height of the buying season to put your home on the market. Winter is a time that comes with unique advantages. The weather is cooler, there’s less competition, and the buyers are more serious. Here is what to consider if you list your home in the winter.
Slower Traffic Means Less Competition
In the winter of 2016, 874 homes were sold in Orleans Parish, compared with the 1,162 that were sold in spring of the same year. Since seller listings are usually lower in the winter, having a lower volume of competition could make your property stand out. Reduced inventory results in more attention paid to your home by more potential buyers. And because they have fewer options, there’s also a better chance that you may get the asking price or above.
More Motivated Buyers
Winter is a busy season for travel, family time, and social engagements. The potential buyers who are house-hunting may be continuing their ongoing search, relocating for a new job that starts in January, or looking to buy at the beginning of the year for tax purposes. Whatever the reason, they are serious about buying.
Some studies have found that sellers got above asking price more often in December through March than in June through November, and the homes also sold faster in the winter than in the spring. Why is this? Home shoppers have learned that interest rates tend to rise in the spring, so they’re determined to complete a purchase before it occurs.
Winter Is a Good Time to Target a Special Buyer
There are buyers with special interests that tend to look in the winter, like those relocating for a job that starts at the beginning of the year. Buyers looking for seasonal getaways are another group to consider. Our sub-tropical winter weather and the Carnival season could be very appealing to a snowbird escaping the cold, dreary winter up North.
Less Landscaping Hassles
Sure, that St. Augustine grass might turn brown during the colder season, but overall you will spend considerably less time and money improving your landscaping while selling your New Orleans house in the winter. To compete with other sellers during the peak spring season, it’s not unheard of for sellers to invest in new sod, prune and trim existing shrubs and flower beds, and plant new shrubs and trees into their landscaping. It generally takes less time (and less time out in the heat) to maintain a winter yard than a spring one.
The Best Time to Sell Is When It’s Right for You
The last thing to consider is that if you live in a hot neighborhood of a city with a robust real estate market, it simply may not matter what season it is. You could have people knocking at your door on Christmas Day.
Watch the market, advises Justin Pierce, a real estate investor based in the Washington, D.C. area, writing for The Washington Post:
“The rule with selling real estate is there are no rules. National and even regional real estate statistics are meaningless. What really matters is your subdivision and the competition therein at a specific time. Do a little extra research, remain open minded and flexible and the real estate market might reward you.”
If you need help determining whether a particular time of the year is right for listing your house, contact a New Orleans Realtor who has deep local knowledge of the market. Together, you can decide what selling strategies work best for you and how to take full advantage of selling your house no matter the season.