Should I List Now or Wait Until Spring?
RE/MAX associates share these thoughts on the question:
The first part of the answer depends on a seller's personal goals. If a seller has no place to go, plans on purchasing in the future or has other external factors that push their timeline out, it may make sense to wait until those answers are figured out and there's less uncertainty, however, this can be the case for any seller at any time of the year.
There are 6 main advantages for a seller to list now (in the winter) instead of waiting until spring:
Inventory - In the spring, how many other sellers will end up using the same strategy? They may have been waiting a year or so until the market got better, or just figured it was the best time to list their property. So come March, April and May, there will be that much more competition to potentially compete with. By listing now, you avoid all that potential competition.
Motivated buyers - Often, many buyers will just wait until spring to start their search. They will just be starting the process. Believe me - the buyers who are house hunting during the holidays and in the winter are serious and motivated. By listing now, you'll potentially get one of these buyers to write a deal on your property.
Mortgage rates - are historically at their lowest in the winter months and right now buyers are eager to take advantage of them.
Buyer confidence - there is a pent up demand by first time buyers who for several years now have been shut out of the real estate market due to soaring prices. They are the first link in the chain of real estate momentum. The influx of first time buyers into the market again will help move everyone up the property ladder.
Accomplish your goals now - When it's all said and done, wouldn't you rather have your house sold by March or April, and move on with your life rather than just listing your house then? Accomplishing your goals ahead of schedule gives you a great feeling. By listing now, you're positioning yourself to accomplish your goals sooner rather than later.
Reverse fear - Not to buy into the media's doom and gloom, but there's always a risk that the housing market could deteriorate more instead of picking up by mid - 2009. In addition, the reality of the market getting that much better in a short period of time is remote. It's doubtful that by waiting until spring you'll yield a sales price that could be higher by 10 percent. In fact, it could even be a little worse if you think the economy is going to deteriorate as the unemployment rate continues to skyrocket. By listing now, you avoid that extra layer of uncertainty.
Get on the market early and beat the rush. Make the home sparkle, price it to compete and it WILL SELL!