Springtime in Chicago is known for its St. Patty’s Day parade, melting snow, and booming real estate market.
The change in temperature brings out masses of buyers and sellers, resulting in a crowded pool of supply and demand that can often become overwhelming.
We want to take a moment to encourage would-be winter sellers to start their engines, and think outside the box. Here are the benefits of selling in the winter housing market:
Smaller Supply = Fewer Listings to Compete With
Supply and demand are similar numbers when it comes to wintertime. We’ve noticed this in our own experiences, and the data backs it up. A 2013 national study conducted by Redfin shows that houses listed in wintertime had a 65% chance of selling within 6 months, while those listed in springtime had 56%. In terms of average number of days on the market, wintertime listings lasted at 26 days nationally, while the springtime homes stay on for 33. A lower number of listings equals a quicker market.
Which brings us to our next point:
The Truly Serious Buyers Come Out
As we all know, winters in Chicago are not for the weak of heart. The folks willing to get on and off the CTA and in and out of coats to house hunt aren’t just daydreaming about buying a new home. In our combined 30 years of real estate knowledge, it’s a mutually-agreed upon fact that the buyers that show up with the blizzards are committed to purchasing a new home.
The Time To Prepare For Spring Is Now
Sure, there will be more buyers on the market in the spring, but there will also be many more listings. We find that many agents convince their sellers to wait for the spring market, but we find that these kind of long, drawn-out predictions are frequently unsafe.
There’s an uncertainty when it comes to anticipating the spring season of real estate: Will the increase in demand outpace the increase in supply? We don’t know yet. But, listing your home towards the middle of winter can help you prepare for early spring buyers.
Ready to make the leap and get your home on the market? Contact the Real Group Team! We’re ready to help, regardless of the weather!
