Buying & Selling in the Winter
It’s November. It’s cold. It’s dark. And any day now Newfoundland will have snow that lasts until April… or May.
Newfoundland winter’s are looooooong. If you wait until the snow goes, you could be missing out on potentially half the year.
No doubt, winter is not what you think about as a prime real estate time to buy or sell a home – most people assume spring or summer are the best seasons. The grass is greener, the flowers are blooming and your curb appeal is at an all-time high. Plus, you get to see the property without a blanket of snow.
But there are a lot of advantages to buying and selling in the winter if you are willing to step outside the seasonal box. And literally step outside into the cold.
Here are some of the advantages to entering into the real estate market in the winter:
Most sellers want to wait to list until the market is “hot” in the spring – so there are traditionally less inventory (homes listed) in St. John’s in the winter months. Since there is less inventory on the market, some buyers will decide to delay their home search, this means that active buyers have less competition. You might be able to find the right house for you without having to compete with other buyers.
With fewer buyers in the St. John’s market, sellers may be willing to drop their prices to sell. Especially if a seller is forced to sell during winter for reasons out of their control – such as moving for a new job or for financial reasons. This might just work to a winter buyer’s advantage!
Not only are sellers more willing to drop the price, but they may be more motivated to negotiate the closing date or terms of sale. You just might be able to get all those appliances thrown in if a seller is motivated and rushed to sell in winter.
Winter can works for sellers in St. John’s too! With fewer homes on the market, more people are looking at your listing online. And you might get every available buyer walking through your door. And as a bonus, staging your home in the winter to feel cozy and warm can be very appealing to buyers that have fewer options available to them.
St. John’s winter buyers are traditionally more serious. There are less people out window shopping and wasting your time. It is better to have more serious buyers look at your house that having a lot of people viewing with no intention of buying.
More Disposable Income
We usually think of Christmas as an expensive season, but it is also the time of year when people may receive a financial bonus for work. First time home buyers might finally have their down payment and are ready to upgrade their living situation.
Is winter the right time for me?
That depends on your individual situation and what are your buying and selling real estate goals. If you are looking to buy or sell in the greater St. John’s area, schedule a free consultation to discuss your buying and selling options.