While the winter months may seem like a relatively hectic time of the year to consider buying or selling a home, there are actually some really great benefits to making a move in the off season. Grattan Donahoe, Broker/Owner of ERA Donahoe Realty and Scott Wilkinson, President and CEO of Wilkinson ERA Real Estate recently sat down to discuss what some of those benefits are:
- Grattan Donahoe: The off-season winter market can be a great time to sell a home for a number of reasons. For one, sellers tend to have the upper hand in a winter transaction. Inventory levels start to dip come December, meaning competition between buyers can quickly heat up, often resulting in a bidding war. This tends to work in the sellers favor, especially if the buyer needs to make a purchase quickly – they’re more likely to pay top dollar. Another reason is that buyers tend to be more motivated in the winter. If they are willing to brave the cold temperatures to see a property, you know that they are serious about making a purchase and likely already have all their financial details ironed out. This causes less headaches for both parties and makes the sale process go by much faster.
- Scott Wilkinson: Waiting until prime buying season may have made sense years ago, but the same is not true today. This is, in part, due to the fact that prices are continuing to rise and home values are projected to continue to appreciate. There are buyers out there in the market waiting for the perfect house to be listed, and that might be yours. If you wait, you run the risk of that buyer settling on a home that only somewhat fits their needs, when yours would fit their needs better – an incentive that could drive them to go over asking price. The off season is also a great time to “Move Up” – either into a home that may be more of an investment or a larger home to suit the needs of your growing family. And while you may end up moving in less than optimum weather conditions, moving costs during off season are often lower than during high season, which is a nice bonus!
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