In Utah, Spring is still aways off from “Springing,” but that doesn’t mean that you should wait to list your home. In fact, this might be the PERFECT time for you to sell.
If you are ready to make a move this winter, there’s no reason why you shouldn’t proceed now.
Here are three things to think about when timing your upcoming real estate transaction.
1. Fewer homes for sale in the winter equals less competition
Spring and summer are prime seasons for buying or selling and many homeowners wait until this time to list their homes for sale. Postponing the sale of your home until spring could result in greater competition due to a larger pool of available properties. If so, your house might get lost in the shuffle and sit on the market for longer than anticipated. But if you were to list your home during the winter, less competition will make it easier for buyers to notice your property.
2. Greater number of serious buyers in the winter
You may get less foot traffic during the winter when it is cold and icy outside, but typically those looking through homes and attending open houses are serious buyers. Listing your home during the winter can weed out the window shoppers and save you time and energy.
Those who visit the property are looking to make an offer.
3. The Impact of Interest Rates
The interest rate your buyer ends up with impacts how much home they can afford, and how much money you stand to walk away with. We are still in a low interest rate environment, but there is no guarantee that rates will stay low forever. Although spring and summer might only be a few months or weeks away, mortgage interest rates can shift upwards between now and then. When mortgage rates increase, purchasing power decreases. If you postpone listing your home and rates begin to rise, this may limit the number of buyers who can qualify for a loan to purchase your home.
It’s ultimately your decision whether to sell in the winter or wait until the spring or summer. But if you’re eager to sell your home and purchase a new place before the real estate market picks up, don’t let the freezing temperatures scare you off.
Once you’re ready to shop for a home loan, make an appointment with one of our loan experts at Fink and McGregor in Salt Lake City, UT. We are a locally owned and operated business and we offer a variety of loan options for just about everyone. We’d be happy to help you finance your next big investment.
Sr Loan Officer