As the temperatures start to drop in Chicago, the real estate market braces to slow down. It is typically thought that winter is a very slow and quiet season to buy and sell a house. Clients don’t want to battle the snowy streets to get to a showing, others want to wait until there are more homes on the market to choose from, and kids school schedules have a big impact on when families want to move. These are all good reasons why prospective buyers/sellers should wait until spring. However, new research is starting to show that the winter months are actually an excellent time to buy/sell, especially in cities like Chicago.
Lets start with considering why it’s a great market for buyers. According to an online article on homebuying.com, the best day of the year to buy a home is Christmas Day. Why is Christmas so attractive? According to the article, “ People are in good moods, celebrating, opening presents, enjoying family. Few buyers are out looking at homes during Christmas week, so the chance of multiple offers or any competition whatsoever is very low. Home prices are at a 12-month low in December. If a person has their home on the market over Christmas, that person is definitely serious about negotiating and selling that home.” (BestDay2BuyHome) If you think about it, the hardest part of looking for a home in the winter, especially over Christmas, is finding an agent willing to work.
Next, lets consider why winter is a good market for sellers. Yes, buyers are more reluctant to head out in the dreary weather, but what about those buyers who NEED to find a home. The research team at Redfin, “analyzed homes listed from March 22, 2011 through March 21, 2013, and found that those listed in winter have a 9 percentage point greater likelihood of selling, sell a week faster, and sell for 1.2 percentage points more relative to list price than homes listed in any other season.” (Winter Listings…) The 2013 article goes on to show that in all 19 markets that were considered, including Chicago and Boston, sellers were better off in the winter months.
Sellers can be put in an advantageous position in the winter months because, “those who do need a home during the winter season are the most serious, often looking because they need too and not because they want too. These buyers want to get into a home quickly, and are sometimes willing to pay top dollar.” (Winter Listings…) Buyers can also be in a good position because, like mentioned earlier, home prices are low, not many buyers are looking, and sellers tend to want to move quickly on deals and are more willing to negotiate.
So maybe you are a buyer who wasn’t able to find a home during summer because a seller over looked your offer with someone who offered more. Maybe you are a seller who didn’t quite list in time for the bidding wars of summer. Do not over look Winter because of the common thought that no one buys or sells in winter. Take on this challenge and reap the benefits of a slower market. One thing is for sure, as an agent for Be Realty, you can always assume I am ready and willing to work for you no matter what day it may be. Agents with Be Realty strive to provide 5 star service 365 days of the year. Let me help you take on the challenge to ensure that you will “Be Where You Want To Be.”