Should I Sell My House Now Or Wait Until Spring?
Should I sell my house now, or wait until spring? This is a question I get frequently this time of year. It’s true that the real estate sales in Wisconsin slow down in the fall and winter months. The bulk of sales happen during the spring and summer months. However, that doesn’t mean that homes don’t sell during the fall and winter. Last year, 2,483 homes sold in Dane County between October and February. Here are several reasons you might want to consider selling during this fall/winter season.
- While there are fewer buyers this time of year, buyers who are shopping for homes during these seasons tend to be very serious buyers. They are buyers who need to buy a house and will buy a house. Buyers in this season aren’t just browsing.
- Typical housing inventory drops off through the winter months because some sellers pull their house off the market. Other sellers may decide to wait until spring to list their home. This means you, as a seller, could have less competition this time of year.
- Interest rates are on the rise and are projected to rise throughout the next year. Higher interest rates will make your home more expensive to a buyer obtaining financing. Selling sooner than later makes your house more affordable.
- Many industry experts are saying that the housing market (nationally) is beginning to shift. Local statistics are still leaning towards a seller’s market, but we are closer to a neutral market than we have been in a several years. The WRA also, just posted stats saying September 2018 sales were down 12% compared to September 2017. If a market shift is happening, you’d be much better off selling at the tail end of a seller’s market or the beginning of a neutral market vs a buyer’s market.
- If you are planning to upgrade in home, it may be the perfect time. There is still a low supply of inventory for starter homes, while pricier homes are more available. If your current home is affordable for most buyers, you can have confidence it will sell. At the same time, you can take advantage of a still reasonable interest rate, and you’ll enjoy less buyer competition on the upgrade.
Are you not convinced now is the right time for you to sell? Here are few reasons why you might want to wait until next spring or summer.
- You have kids in school and you’d be changing school districts. Moving school districts mid year is always a challenge for any family.
- You have a unique house that may not appeal to every average buyer. You might want to wait for a season where there is a larger pool of shoppers.
- You think the signs of a market shift our calm down are wrong. This is a bit of a gamble, but if we have another spring like 2017 or 2018 you could generate a bidding war on your house.
- If your home has great curb appeal or a pool, but a boring interior it may sell better during the summer. Let’s face it your landscaping doesn’t look as good once all the plantings are done for the season, and a pool that can’t be tested or inspected in the cold makes buyers skeptical. People will spend more time looking at the interior when it’s cold out.
Moving is a major decision, and figuring out the timing to make things work smoothly can be a challenge. Take a look at your current situation and weigh the pros and cons of selling now vs later. Ultimately it’s probably more about what works best for your family rather than trying to squeeze every penny out of your home. Nobody can predict the future about what the local market will bring in the next year or two. We are happy to advise on what we think is best for your home.