Our real estate experts over here at Satsuma decided to delve into the statistics and take a closer look at the cold hard facts. Our overall findings? Those cold winter months could turn into cold hard cash through your real estate transaction — and that’s just the tip of the iceberg.
According to the U.S. census, over 31 million Americans moved in 2019. That’s almost 10% of the entire U.S. population moving annually. However, the vast majority of those moves took place in just over 4 months between the beginning of May and Labor Day. Why? This is mostly because these seasons are usually seen as better times to buy and sell real estate.
The overall consensus that winter is the least active season in the real estate market is universally accepted. This is typically because people often divert their focus away from real estate and toward family, friends and general holiday fun. The truth is, there are some overlooked benefits to buying or selling a house in the winter.
Fewer Homes on the Market
For sellers, exposure of their listing is one of the most important aspects of getting a house under contract and ultimately sold. In the winter — with fewer houses being listed — it is less likely that your house will get lost amongst multiple new daily listings competing for a buyer’s attention. Additionally, fewer listings means fewer open houses to compete against. Perhaps the biggest benefit to sellers in the winter season is that winter buyers are often highly motivated out of a need to sell.
Benefit from Supply and Demand
With fewer homes on the market, you may be able to secure a higher selling price. The motivated buyers may be quicker to act knowing there are fewer homes to choose from. In the typically busier spring and fall seasons, great properties can receive multiple offers on the first day of listing, or buyers can miss out on seeing these houses because they can’t make time on short notice in their schedules.
Worker Availability
With fewer buyers to compete against, there are more openings in the schedules of inspectors, contractors, appraisers, moving companies, etc. You won’t be scrambling to find a roofer or waiting on an inspector before sealing the deal on an offer.
Holiday Breaks can be Productive
Buyers have extra time off around the holidays, allowing more hours to focus on the home search. With 9 out of 10 buyers beginning the search online, the cold weather won’t stop the research.
Serious Buyers are on the Hunt
Buyers that venture out on cold and snowy days are motivated, to say the least. It could be a family that is relocating to the area, a couple that just sold their home, or a first-time buyer wanting to capitalize on tax benefits of homeownership before the end of the year.
NOLA Benefits
Unlike most U.S. cities, for buyers specifically in New Orleans, closing a house in the winter means you’ll be well equipped to show off your new house by hosting Mardi Gras, festival parties. Laissez les bon temps rouler!
If you’re interested in buying or listing your house this winter, reach out to one of our expert realtors to help you out! Happy house hunting, and Happy Holidays!