This is a common question that we receive during this time of the year. Although it is true that more buyers enter the housing market during the spring months, these times are unique to most years. You do not have to look far to find articles highlighting how strong the real estate market has been during the past year. As with most decisions, there are pros and cons to selling your home now vs. the spring.
Benefits of selling a home now
- Less competition: Typically, most sellers prefer not to list their homes for sale during the winter months. Oftentimes, they prefer not to be bothered with showings during the holidays or while friends or family are visiting. Therefore, this means that listing your home for sale during these months could mean less competition from other sellers. Nonetheless, the overall housing inventory is extremely low anyhow and therefore competition is generally lower right now.
- Serious buyers: One factor often overlooked during the winter months is the percentage of serious buyers in the market. Oftentimes, buyers will take new jobs that require a relocation with a tight timeline. Therefore, these buyers tend to be more serious and are more likely to be more decisive. Sellers listing their homes during these months may be able to capitalize on this buyer segment.
- Quicker transactions: Typically, there are a lower number of real estate transactions during the winter months. Therefore, this means that mortgage lenders have less loans to process. As a result, this can mean a quicker transaction which is typically welcomed news for any sellers.
- Capitalize on the seasonality of South Florida: During the winter months, South Florida sees a significant increase in the number of seasonal residents enjoying our tropical climates. Therefore, this is a great time of the year to capitalize on the ability to market your property to this segment of the population. With a lot of these seasonal residents renting for the winter months, many decide to purchase a second home during their time here.
As mentioned at the beginning of this article, there are pros and cons to selling now vs. the spring. With mortgage interest rates at historical lows, we expect the demand for real estate to remain strong for the rest of the year. Therefore, it may not matter much whether you list your home for sale now or wait a few months. It is true, however, that most families with school-aged children prefer to buy a home in the spring months. The benefit of this is that it allows for a move during the summer, when the children are typically out of school. Therefore, if your property would typically attract a young family, this may be reason to list your home in the spring months. Regardless, we are seeing a steady demand for housing in South Florida all throughout the year right now.
Do you have questions about selling your property in South Florida? We can help. Contact Live South Florida Realty, Inc. today!