January is the month of new beginnings, warm-weather winter holidays, winter sports and cutting back just a little on those items that aren’t so good for us.
January is also a good month for real estate activity, despite what you’ve heard. If you’re thinking of selling or buying a home in 2017, you may want to give January a try. In markets like Toronto and Vancouver virtually any month is a good month to buy or sell. Real estate activity naturally slows in late December and very early January. But by the end of January’s first week it’s back to business as usual.
One big reason you want to sell your house in January is because you will have less competition. What does that mean? You can likely command a higher sale price thanks to fewer homes on the market.
On the flip side, for buyers, your odds of getting into a bidding war with multiple buyers are reduced because many purchasers are dealing with post-holiday debt.
Gone are the days when buyers waited for warmer temperatures because that’s the time when the majority of homes became available. Buyers today are more tech savvy than ever and as a result they can view real estate around the clock on their phones, devices and computers. Why wait for spring?
Keep in mind, too, that as a buyer your realtor will be able to really focus in on your needs, compared to the spring market when the market is saturated with buyers looking to purchase a home and real estate agents are juggling a heavy load.
If you’re selling, you know those buyers trotting through your house and yard are serious. No one braves the bitter cold and snow, donning boots and parkas as they schlep from house to house as a fun winter pastime.
Try to keep your exterior tidy and, if possible, decorate with outdoor arrangements and seasonal greenery. Clear ice and snow off walkways and steps and make sure your property is well lit. Also be sure to provide pool reports and try to provide photos of what your house looks like in spring and summer.
While it may be counterintuitive, it’s said that homes actually sell quicker in winter. Low inventory may be the reason. In addition, buyers tend to be more motivated and not as willing to slog from home to home to home.