Should you wait until Spring to list your home?

As the holidays are approaching, many of my clients ask this all to familiar question?  My professional opinion has always been, winter is a great time to sell a house because there is less competition.

I found this article written by Tim Ellis, Redkin  and thought it was worth sharing:

It stated some excellent statistics….

“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).

    Apparently not many sellers are on to this pattern, because winter has twenty percent fewer listings added than the spring.

    Of course, not all markets are alike, especially when it comes to the weather. In addition to the national roundup, we also pulled this data for most of the cities Redfin serves: Washington DCBostonQueensAtlantaChicagoAustinPhoenixLas VegasSan DiegoLos AngelesIrvineSan FranciscoSacramentoPortland, and Seattle. Click your city on the list to see the breakdown there.

    Keep in mind that we’re measuring correlation here, not causation. Listing in the winter won’t guarantee that your home sells faster, for more money, or that it will sell at all. That said, the data does seem to indicate that winter gets a bad rap for no good reason.

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~ by marilynotis on December 13, 2014.

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