Twin Cities Housing Market Update
Hey Ben, How’s the Market?
It’s the time of year where we’re asked a lot, should our house be listed in the winter?
As with all things real estate, there’s two sides to every coin and never one answer that’s right for everyone. The most basic sides of this coin are, heads: there are fewer buyers in the winter; tails: there are fewer sellers in the winter too.
Other commonly considered down sides to being or staying listed in the winter include accruing market time during a period of lower activity, and the basic challenge of living in a home that’s for sale for a potentially longer period, we know that can take work.
On the upside, buyers who are looking in the winter usually mean business, need to move, and have less to choose from (first quarter job relocations as one great example). Further, less frequent showings isn’t all bad for the sake of living comfortably, your house can look great with holiday decor, and if the landscaping isn’t ship shape, no worries!
So, there are pros and cons like everything else, what’s the answer?! Foremost, it depends on the seller’s motivations and other home-life factors. Beyond that, I had to break it down statistically for our local market, and current market conditions.
The highest number of sales last year was May with 6,200, there were 8,600 new listings that month and a total of 17,000 homes for sale. The lowest number of homes for sale occurred in December at 3,200 but there were only 2,600 new listings and 11,000 homes for sale at the time.
Interest rates can be given some consideration in the question as well. Rates are still great but we’ve seen an uptick, which can have some affect on pricing and demand if it continues. Assuming the downward trend of homes for sale continues, which will likely happen per usual, and assuming other life factors are not of particularly high concern in your timing, don’t be shy to list/stay listed this winter.