Winter Market Update
It's this time of year that everyones asking the same question... "Do people really buy or sell homes in the winter?" The answer is YES.
As a buyer and seller, what can you expect in a winter market right now between the holidays and into the new year? That's what we are talking about today.
What we have seen in the market, and this year is a more traditional market, is things definitely start to slow down in this season. What that means is there are less homes on the market.
We might have 500 homes on the market in the greater Wausau area in the summer, now we are probably seeing half of that. There aren't as many options as a buyer in the marketplace.
As a buyer, is now a good time to buy a house? There are some downsides to buying a home in the winter, you don't get to see what you'd normally see in the summer - the yard, the landscaping, or the roof... as it is snow covered. However, one of the positives to buying now is there aren't as many buyers that you're competing against and things tend to slow down a bit. The amount of bidding wars and multiple offers have gone down.
If there is a desirable home that comes on the market, you're not competing with the 8-10 other buyers that was common in the spring or the summer. Now, maybe you're competing against 1 or 2. The pace is a little bit better too for a buyer. Granted, there are not as many homes coming up, so you may have to wait a little bit longer in between showings, but when that right one comes up, the pace is a little bit more enjoyable, you can work with your agent a little more closely and it's not quite as frantic as it was in the spring or the summer. Overall, it may be a bit more of an enjoyable experience buying now.
As a seller, you might say, "Do I want to wait until spring to sell my home?", and there are also pros and cons to that question as well. One of the positives right now is there are not a lot of homes that you're competing against out in the marketplace.
I actually just listed a home this week, that actually had sold in the hot summer market, we just put it back on the market and it still had quite a bit of activity and it ended up selling for the same price as it did in the summer. The prices have adjusted up from the hot summer market and they've stayed relatively high. As a seller, you can still count on that, if your home is nice and it's priced competitively, you can still count on serious buyers out there who are ready to buy your home.
The buyers that are looking right now, tend to be very serious. A lot of buyers relocating to the area for a job, they are serious about finding a place to buy, they are just waiting for that right home to come up. If you house is nice, presents well and shows nicely, there's a good chance a serious buyer is going to snatch it up and pay a good price for the home. As a seller, it's not a bad time to put your home on the market, as you're not competing with as many properties versus the spring and summer when many put their home on the market.
That's a little bit about the market in the winter. I think it's a good time to put your home on the market to sell. It's not as stressful because there aren't quite as many showings but there are still serious parties looking to buy. As a buyer, you're not competing with as many people and there's a chance to take advantage of a good home. It's still a good time to participate in the market and of course throughout the process, we're here to help.
If you have any questions, reach out, we'd love to work with you. Call (715) 212-4693 or fill out the contact form below!