The Internet Has No Seasons
You probably already know that most buyers go online to search for homes, no matter what the temperature is outside. In fact, nearly all buyers (93%) used the internet during their home search last year.2 This instant access to property listings has had an impact on the typical seasons buyers look for homes. While spring is still the hottest home-buying season, serious home buyers are always on the lookout—checking the latest listings on their tablet before bed or while waiting for their kid’s hockey game to end. So even though the weather may be changing, it won’t stop home buyers from shopping.
Less Sellers
Come spring, other sellers will flood the market and your home will be just another fish in a great big pond. But right now, you’ve got a limited number of sellers on the market. For perspective, 210,000 homes for sale dropped off the market from November to December in 2018.3 If that pattern repeats this year, you’ll have 12% less competition on the market if you list your home during the winter! Buyers have fewer homes to choose from, which means you could sell your house faster.
Buyers Mean Business
Most folks want to curl up under a blanket next to a warm fire on a cold winter day. If a buyer is trudging around in freezing weather or breaking away from their holiday schedule to look at your home, they must be serious. That’s because many winter buyers are working against a deadline, whether it’s an expiring lease, relocation, or a contract on their current home.
Time Off
You may think people are less likely to see your home in the midst of their hectic holiday schedules. That can definitely be true. But keep in mind, most people also have more time off around the holidays. That means more time for browsing their favorite home apps, dreaming about their future decor, and even scheduling home showings.
Getting Tax Breaks Before Year-End
Winter home buyers may also be motivated to capture the tax benefits of buying a home before year-end. Home buyers can write off some of the expenses of their home purchase on their taxes. There are usually multiple tax benefits of owning a home they can take advantage of too. Typically, a homeowner can count on the following being tax-deductible:
- Mortgage interest
- Private mortgage insurance (PMI) premiums
- Real estate taxes
All of these tax benefits could make a potential home buyer want to get a house bought and closed before the new year. And if you’re selling your home and buying another, you could ring in the new year with more tax breaks too!