11 reasons why you shouldn’t sleep on Columbus housing market this winter
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As real estate agents, we hear it all the time: ”I am going to wait until spring to buy/sell!”
Many consumers, buyers, and sellers believe this to be true for many reasons. More buyers will be looking, more homes will be listed, schools years are ending, the weather is breaking, etc. Sure, those are all true, but here are some other things to consider that may actually have you calling us sooner than this spring!
Buyers:
1. Sellers are more motivated to sell
In winter months, there are fewer buyers looking to purchase. Therefore, homes are sitting on the market longer, and there is more room for negotiations when a seller does not have multiple offers to consider. This can save you the heartache of losing your dream home in a multiple offer situation, the stress of having to make a decision in less than a day, and money by not going over budget in a bidding war. Win, win, win!
2. Less competition
Let’s be real, do any of us like Ohio winters? No. So, who really wants to trek across town battling the snow and rush hour traffic after a long day? Answer: Only people who really have to! The buyers who are taking on the brisk temperatures and inches of snow are there for a reason: they need a new home, and they need it ASAP.
During the winter months and holidays, pressure to see properties as soon as they are listed is usually removed. Less competition means you don’t feel so rushed in making the decision on one of the biggest purchases of your life.
3. Median sales price is lower
Homes are traditionally priced based on the surrounding homes that have sold within a certain timeframe. In winter, you are seeing fairly-priced homes due to the sold prices in the neighborhood being sold closer to list price or under. Winter is like the President’s Day sales of furniture because everyone gets something they wanted for a fair price.
4. Easier to find contractors
If your new home needs a facelift, there is a better chance of finding a contractor who is available to do the work before their schedule gets crazy in the spring and summer. Because there is not as much demand for work, you may even save some coin on the job.
Sellers:
1. Low inventory makes your home more desirable
Low inventory = less competition. Not every Tom, Dick, and Harry on your street are throwing LKW Home Team signs in their lawn, meaning more buyers putting the carpet protecting booties on at your front door.
2. Save time and money on curb appeal
No need to go all out with expensive plants, mulching, and gardening for photos. We all understand the Ohio grayscale in winter. Just shovel, spread some salt out, and we’re on our way.
3. Buyers are more committed in the winter months
Who goes home shopping in the winter? Only the people who have to move, that’s who. You won’t get a lot of nosy neighbors, or random open house buyers. You will get the parka-wearing, house-hunting warriors that are ready to present an offer.
4. Year-end bonuses and pay-outs
The New Year means excitement and planning for the year ahead. Many people set goals to buy a home, or utilize their taxes and bonuses towards a new home down payment plan.
5. Corporate relocation
Often the end of the year closes out a career/position for some and starts another one. Columbus is chock full of transplants and the buyer markets tends to see a little boost in January, we are betting it’s for that reason.
6. The internet has no seasons
Google does not care what time of year it is, so home searchers are hitting the internet daily to find available homes. Seasons schmeasons, they’re still looking, so you should be selling.
7. Buyers have time off of work
The New year means vacation days reset right? Well, that also means that serious buyers are out and ready to dedicate time to the search for and move into a new home.
Written by Jenn Kessel-White & Lauren Lucas of the LKW Home Team. We are ready to get the drill out and post the Open House signs in your yard, or face the brisk winds at your new home inspection right along with you. Give us a call at (614) 321-9262 or email [email protected]
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