Why Sell or Buy a Home in the Winter?

Are you thinking of selling or buying a home this spring because you are thinking that no one sells or buys in the winter? The real estate market stats actually show that many people buy and sell a home in the winter months. This past January there were 4581 home sales and in February 7256 sales took place in the Greater Toronto Area.

So, if you are wondering if you should hold off selling or buying a home in the spring, why wait? You may be surprised to hear that there are actually advantages to selling or buying when it is still nippy out there.

Advantages of Selling a Home in the Winter
                  

There are a number of advantages to selling a home in the winter months:

1. Less Competition – everyone thinks of selling their home during the spring. But in the winter, there are fewer sellers, and given our current hot market there are still many buyers actively looking that they are willing to bundle up and actively looking to buy – so they are very motivated. Fewer homes for sale means it is easier to market your home to stand out. I notice a significant increase in traffic to my website in the winter months – should those active buyers be seeing your home?

2. Spring Market Actually Starts in February – contrary to popular belief the spring market in the Greater Toronto Area actually starts in February and sometimes at the end of January (which may be the case this year given how hot and how much demand for homes there was in the market in 2020).

3. New Year – New Goals – many of us look at the new year as a time of new beginnings. Plus the pandemic has made many condos and smaller homeowners decide that they need more space and have actively started looking for a new home.

4. Motivated Buyers – buyers that need or want to buy are facing a smaller supply of homes for sale and if they are willing to actively look during the cold winter months they are most definitely very motivated to buy. You will most likely not have nosey neighbors or folks out looking at home just for the sake of looking.


Tips for Selling in the Winter

Nothing is more inviting than walking into a cozy, warm home in the winter months. It is easier to make a home feel more welcoming and inviting in the winter months. Here are some tips for creating the ideal buying ambiance in your home:

• Declutter – including Christmas decor – keep it simple. Remember that less is more and less makes a home look more spacious and bright.

• Make your Home Cozy – if you have a fireplace – light it up. Play soft music in the background and if time permits prepare freshly baked goodies. Nothing is more welcoming than the fresh smell of baked cookies.

• Light Up the Outside – in the winter months the days are shorter and it gets dark earlier. So turn on exterior lights and if needed add some spotlights to welcome buyers.


Buying a Home in the Winter
                     


Ok, home buyers, there are many reasons to also consider actively looking for a home in the winter months. Here are some benefits to buying a home in the winter:

1. Less Competition – I have already stated that home sales drop in the month of January and start to increase in February. So you will not have as much competition during the winter months in comparison to buying in the spring. This means that you will most likely not have as many bidding wars to compete in.

2. Better Deals – you may save money on the purchase of your home. Since supply and demand for homes slow down in the winter months historically prices tend to take a little dip too. This may make any challenges of buying in the winter months worth it.

You may not be sure about buying or selling a home this winter but if you want to learn more about or explore the Toronto or Vaughan real estate market or have any real estate questions reach out and let’s chat.