A recent article published by The Huffington Post stated that contrary to popular belief, house shoppers in January and February are highly motivated buyers. They’re looking in winter because they need and want to move, not because they’re just looking for fun (as can happen in the warmer months).
Ask the public and the consensus is that a home will sell the fastest in spring or summer, so there are very few homes to buy at the start of a new year. This school of thought is not necessarily correct, as seasoned real estate agents know that homes listed in the winter months have a superior advantage over homes listed in spring and summer. If your house is the only game in town, you’re likely to have a lot more interested buyers than in spring when the market becomes more saturated. There are always potential buyers on the prowl, especially during the holidays when friends and family are visiting and enjoying time off and more discussions are taking place regarding relocation. And with the limited inventory in the Treasure Valley, your odds of selling quicker and at full listing price are higher than you might think.
Additionally, your home may not show as often in the winter, but the showings will consist of buyers who are highly interested in advance of the showing. Because of the elements, most people just don’t want to schedule a ton of showings with their agent. Instead, they want the buying process to be swift and they’re more sure of the homes they’ve chosen to look at. They’ve done their research on their own and with their agent and they’re on a dedicated mission to buy. This is good news for sellers who don’t want to have to leave their homes for multiple and excessive showings.
Another very important factor to consider is that this week, the Federal Reserve raised its benchmark interest rate to a range of .5 percent to .75 percent. This has only been done once before since the financial crisis of 2008. The Fed cited steady growth of employment and other economic measures propelled the rise in rates, signaling that it expects to raise rates more quickly throughout the next year to prevent the economy from growing too quickly. This is going to bring buyers out of the woodwork whom were on the fence last year. No longer will interest rates plummet, so buyers have no more excuses to wait.
The seasoned agents at The Mike Brown Group are always available to answer your questions and to help you determine if right now is a good time for you to sell your home or to buy a new one. Our desire is to assist you with all your real estate needs through every season of life. Give us a call today!