Posted on December 15, 2011 - 03:30 PM
by Broker EXIT Realty Expertise
(this article reposted, courtesy of Blackwater Consulting Group)
Homes Listed in Winter Sell Best!
Recently we decided to dig into the reports and marketing data to see if it supported our feeling that winter is the best time to buy, and the worst time to sell. However, when we got the results we discovered that our assumptions were dead wrong.
As we roll through the holidays and into winter, many would-be sellers will be holding off on listing their home, waiting for the spring "selling season" to put their home on the market. But if you're ready to sell your home now, is waiting until spring the best strategy? Not according to the data, it isn't.
We pulled a year's worth of data on three quarters of a million homes listed across the country and analyzed sales statistics by season. Here's what we found:
Homes listed in winter sell faster: 46 days in winter vs. 55 days in summer
Homes listed in winter are more likely to sell: 59.2% sell in winter vs. 53.1% sell in summer
Homes listed in winter sell closest to their original price: a 2.7% drop from the final price in winter vs. a 5.2% drop from the final price in summer, worth more than $7,000 on a $300,000 home
Homes listed in winter sell best.
Yup, you read that right: Overall, homes listed in winter sell best. 5.8% more homes listed in winter eventually sell (compared to the overall percentage of homes listed throughout the year), and they sell 1.4 percentage points closer to their original list price than the median---that's $4,900 on a $350,000 home.
Spring wins in one category: Speed. Homes listed in spring sell the fastest, sitting on the market for 15% less time than the median. Winter comes in second in this category though, at six percent below the median, while homes listed in summer and fall both sell slower than the median (12% and 16%, respectively).
Why do you think most sellers are afraid to list their homes in winter? Don’t be shy about sharing this data with your clients who continue to twiddle their thumbs and "wait for better times." As the data shows, there’s no time like right now to list a property. (Thanks to REDFIN blog for publishing this information so we could share it with you and don't be shy about sharing this with your clients!)