Longboat Key, Florida | October 3rd, 2019
The fall and winter months offer great opportunities to sell your house. Foot traffic in open houses may not be as high as those during spring and summer, but autumn-winter selling of residential properties offer some advantages just the same. Here are two reasons why it is smart to list your residence in autumn or in winter.
Competition is lighter
Real estate sales listings are coming in fewer during autumn and winter. Hence, your residence listed during the cold months will face lighter competition on the market.
Take note too that market supply of residential properties in our region is trending lower as of August. In Sarasota, the supply of single family residences during the month dropped by 10.3 percent to a 3.5-month supply. The same drop was seen in Manatee County where a 15.4 percent decline to a 3.3-month supply was recorded.
These supply levels indicate a seller’s market, being well below the 5.5-month supply equilibrium wherein neither seller nor buyer has the advantage in pricing. Selling onward from October to winter, therefore, not only face less competition from other listings but also give you the pricing leverage.
Buyers are more motivated
The pool of buyers during autumn and winter is typically not as deep as during spring. However, these buyers tend to be more serious and motivated in engaging the market.
Buyers of residential properties during autumn and winter are driven to close their purchase before the end of December, as this could provide them with some tax breaks. In their filing of taxable income in April of the following year, they can already claim tax deductions on mortgage payments.
There is also a chance for buyers to get an outright cut in their federal income tax deductions, especially if they’re paying mortgage interest for the first time. Consequently, these residential property buyers can expect higher paychecks in the year ahead because of their well-timed purchase.
Who are the fourth-quarter buyers?
For a property sale in autumn or winter to proceed smoothly, sellers should recognize that they’d be dealing with either millennials or empty-nesters. These are the demographics that typically become more active moving forward the end of the year. Sellers need to price their properties well for these types of buyers who are keen on avoiding the higher, peak season real estate rates.
Besides millennials and empty-nesters, autumn-winter buyers also usually include companies relocating their workers or employees. These types of buyers, typically out-of-towners, are not only waiting for the fourth-quarter months when the market has cooled down. They are also timing their purchase so that deals could proceed more quickly.
In addition to the prospect of speedier closings, autumn and winter real estate deals are likewise driven by these seasons’ convivial atmosphere for both buyer and seller. The weather, particularly in our Florida market, is warmer, and to top it off, merry end-of-the-year holidays are coming.
So call or e-mail our Judy Kepecz-Hays team if you want to buy or sell a residence and have to seal the transaction within the 2019 fourth quarter. We have at our disposal all the resources you need to complete an autumn or winter real estate deal.
General Property Search: