It’s that time of year again! As the leaves begin to change color and the weather cools down, many of us start thinking about the winter season and what we want to achieve before the end of the year. For some of us, that may mean finding a new house that better meets our needs. But with today’s cooling housing market in many parts of the country, is it really a good time to sell your house here in Connecticut, or should we wait? A few of those key decision points on whether or not you want to move this year. Could be that new Job that starts in January, or the location or size of your current home no longer meets your needs, finding a house that better suits your lifestyle may be a top priority for you for this New Year. But with today’s cooling housing market, is it really a good time to sell your house, or should you wait?
If you’re ready to make your decision, here are three reasons you may want to consider selling before or during the holidays.
1. Get One Step Ahead of Other Sellers
Typically, in the residential real estate market, homeowners are less likely to list their houses toward the end of the year. That’s because people get busy around the holidays and deprioritize selling their house until the start of the new year when their schedules and social calendars calm down.
Selling now, while other homeowners may hold off putting their homes on the market until after the holidays, can help your house stand out. Start the process with a real estate professional today so you can get your house on the market and get ahead of your competition.
2. Get in Front of Serious Buyers This Season
In Avon, Farmington, and West Hartford Connecticut the housing supply is still at all-time lows. While it’s true the crazy frenzied pace of this spring and summer Sellers’ Market has cooled and Buyer demand has moderated since then due in part to the increase in mortgage rates. However, local home prices have held up in part because of the lack of homes for sale. This means it is not likely that we will see a sharp decline in home prices in our local market while home supply remains tight if this continues as the millennial generation reaches their peak homebuying years. As Mark Fleming, Chief Economist at First American, says:
“While not the frenzy of 2021, the largest living generation, the Millennials, will continue to age into their prime home-buying years, creating a demographic tailwind for the housing market.”
Serious buyers will still be looking this winter and your house may be exactly what they’re searching for. If you work with the HoyeHomeTeam to list your house now, you’ll be able to get in front of eager buyers who are hoping to make a move before the year ends or for the start of the New Year.
3. Faster turnaround time
Real estate transactions in Connecticut tend to be seasonal, with more buyers and sellers entering the market in the spring and summer months. However, that doesn’t mean that there are no real estate transactions taking place during the holidays and throughout the winter season. In fact, there are several reasons why winter may be the best time to buy or sell a home. For one thing, there are typically fewer transactions taking place, which means that mortgage lenders, attorneys, and home inspectors have less work to do. As a result, they may be able to give your file greater attention to work more quickly and efficiently on your transaction. Additionally, there is typically less competition in the winter months, which means that buyers may have an easier time finding their dream home. So if you’re thinking about buying or selling a home, don’t wait for spring – start your search today!
4. Seize a Great Chance to Move Up and Free Up your Equity
Don’t forget, today’s homeowners have record amounts of equity. According to CoreLogic, the average amount of equity per mortgage holder has climbed to almost $300,000. That’s an all-time high. That means the equity you have in your house right now could cover some, if not all, of your expenses and have money for a down payment on the home of your dreams.
And as you weigh the reasons to sell before winter, don’t lose sight of why you’re thinking about moving in the first place. Maybe it’s time to buy a house that’s in a better location for you, has the space you and your loved ones have been craving, or simply gives you that sense of home. A trusted real estate advisor can help you determine how much home equity you have and how you can use it to achieve your goal of making a move.
If you’re thinking about selling your house so you can find a home that better suits your needs, don’t delay your plans. Let’s connect so you can accomplish your goals before the Winter sets in.