If you tell most people that you’re thinking about selling your home in February, you’ll probably get some weird looks. Chances are, more than a few people will ask, “Why the heck aren’t you waiting until the spring?”
It is true that real estate has high and low selling seasons. No surprise there. And, traditionally, spring is the best time to put a house on the market. It’s a time when homebuyers are out in full force, and who doesn’t love a home tour on a warm spring day?
But conventional wisdom isn’t always the smartest advice. Here are a few reasons why the winter months can be a great time to sell your home—and why this year is especially good for home-sellers.
Historically Low Interest Rates
From December 2015, rates have lowered to below four percent and have continued to decrease. As of February 24, they have been at 3.65 percent for two weeks. Freddie Mac says that the rates are the best they have been since April 2015. Buyers will want to take advantage of the rates while they are low.
These low rates also mean it’s a great time to upgrade your home—if you’re interested in buying a bigger home or relocating, these low rates mean you’ll get more house for your money.
Highly Motivated Buyers
Typically buyers in the winter are motivated. They need to move for a variety of reasons and aren’t looking at houses just for fun. If they go to a showing during cold and snowy weather, they are for real.
In fact, Redfin says February is “hands-down the best month” to sell a home. Their analysis of nationwide listings from 2014 showed that 74 percent of homes listed in February sold within 90 days. Thirteen percent of them sold for more than the list price. In September, 61 percent of homes sold within 90 days. October only five percent sold above list price.
While your home might not have the best curb appeal when vegetation is dormant or if the yards are snow packed, make spring and summer photos available to your agent so prospective buyers can see your home in full color.
Super Low Supply… We Need Your House!
Make no mistake, February or not, the housing market in Wichita remains a Seller’s market. That means that the inventory of homes remains low and you have a great chance of getting your asking price.
In fact, within Sedgwick County, the current home inventory sits at 3.6 months among homes under $399,999. That may sound like a long time, but anything below 4 months is considered a Seller’s market. On average, sellers are currently getting 98% of their asking price for homes. That’s huge!
See Where Your Home Stands
Interested in a detailed explanation of what selling your home this time of year would look like? Contact one of our helpful Listing Agents by calling (316) 684-0000.Get in touch with one of our agents soon. And, start packing!
Local stats from the South Central Kansas Realtor Association and Trendgraphix.