Fact or Fiction?
Myth: Buyers don’t buy homes in the winter.
Fact: During the winter months, motivated buyers want to purchase homes and there are few to choose from.
Supply plummets, while demand remains strong.
Many would-be sellers hold off on listing their home, waiting for the spring “selling season” to put their home on the market. But if you’re ready to sell your home now, is waiting until spring the best strategy?
Not according to past PEI sales trends, it isn’t:
· Homes listed in winter are more likely to sell
· Homes listed in winter sell faster.
· Homes listed in winter sell closest to their original price.
· Homes listed in winter sell best.
Yes, you read that right!
Overall, homes listed in winter sell best: 5.8% more PEI 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!
Prince Edward Island 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 6% below the median. While homes listed in summer and fall both sell slower than the median (12% and 16%, respectively).
Why do you think most sellers are afraid to list their homes in winter?
Spring time brings about more competition, reducing your exclusivity, and lowering the potential selling price. Selling during the winter months means that you are likely to have less competition, and you are more likely to sell your home for more money!
Wondering what your home is worth?
His vast experience, resources, and market knowledge means that Michael will get you the true value of your home.