Winter can be a particularly challenging time to buy or sell a house.
If you’ve spent a year or more in Washington, you are familiar with the seasonal swings we experience — from sweltering heat and humidity during the summer, to the dark and dreary days of winter.
With each season there are home-buying patterns and trends that directly affect our local real estate markets in a very real way. Let’s be honest about one thing — the winters here in Washington can be less than invigorating; they can be brutal. Yet in all 12 months of a year families grow, professional promotions and subsequent transfers occur, and many other life-changing events happen — all of which require people to buy or sell property.
In the decade I’ve worked in D.C. real estate I’ve seen a lot of winter markets. And so there are several key points and approaches I can pass on to buyers and sellers to help you maximize your chances of being successful over the next few months.
Here’s the reality for home buyers in the winter. You may have fewer options as inventory levels diminish considerably from November to February, but of the available properties listed for sale, you have the leverage.
What does that mean? Simply put, properties that are for sale during the holiday season and ahead of the spring market are often those properties that must be listed for sale and can’t wait — job changes, inherited property, etc. Yet we can empirically prove that the number of home buyers ready to move during the cold months is in short supply.
When the supply is higher than the demand, the deals tend to get better, which can put you in the driver seat during the negotiations. I often advise my clients who have flexibility in their moving time frame to take a hard look at making a purchase the week before Christmas, or right after the new year. Deals get done all months of the year, but being a buyer when there’s less competition combined with eager sellers is an ideal place to be when negotiating.
So you’ve been transferred and need to make the move now, or perhaps you’ve had a new addition to your family and need to sell your one-bedroom condo to move into a larger space. While buyers can have an advantage in the winter market, sellers also can be successful by avoiding a few common mistakes. Here’s how:
• Make sure the interior is well-lighted: Outside it’s dark, cold, wet and dreary. Make sure the interior of your property stands in stark contrast. Obviously, we cannot control the weather and it’s more than likely the buyer just ran from the car to your front door through freezing temperatures and overcast skies.
Buying a home is an emotional experience. Our goal in the winter months is to create an incredible emotional experience for the buyers who tour your listing. Most houses lack natural light, and in the winter this can become incredibly obvious and work against you. By installing recessed lights throughout the dark “walk-through” rooms in your home, the goal of brightening the showing will go a long way. Perhaps add some lamps on a timer, too. Either way, brighten up everywhere possible. It’s simple yet effective.