USA TODAY International Edition
Make your home a hot property when it’s cold
Off- season can mean an edge for savvy sellers
Chilly February temperatures didn’t deter Genevieve Monette and her husband, David Hatfield, from putting their Cranford, New Jersey, townhouse on the market.
Good thing, too, since their home quickly became a hot property that drew multiple offers.
“We painted the townhouse, refinished the floors, changed the light fixtures and within the first two hours of it being listed we had seven visitors scheduled,” says Monette, who adds that the couple upsized into a larger home with their 13- year- old son.
A limited number of homes on the market and the seriousness of buyers looking in February helped the family sell quickly and for a full price at $ 267,000, Monette says. Another big part of their success was getting their property in model- home condition, allowing them to unload the townhouse fast even as another in their complex languished for months.
“Selling in the early fall and winter can be an advantage,” says Jeffrey Fagan, regional vice president of Watson Realty Group in Orlando, Florida, and president of the Orlando Regional Realtor Association. “The buyers who are looking are serious, motivated buyers. In addition, there’s less competition
from other sellers.”
Fagan, who has been a real estate agent since 2001, says that the number of homes for sale across the country typically drops by about 15% in November and December.
“Even though the number of people looking at homes and the number of homes for sale are lower, sales are pretty steady, even in fall and winter,” says Sharon Steele, a real estate agent for 12 years with Coldwell Banker Residential Brokerage in Cranford and Westfield, New Jersey.
In her market, 276 homes were under contract from January through March 2018. And that figure rose to 362 from April to June of that year. From July to September of 2018, 271 homes were under contract. And from October to December 2018, 267 were under contract.
She said 2019 appears on track to follow that pattern.
Pricing in the off- season
Steele says it may be possible to test the waters a bit with a slightly higher price in the off- season because there are fewer homes available, particularly if you’re selling in January or February.
“A lot of people start looking after New Year’s because they’re working on their budget, want to start on a New Year’s resolution and have less activities than during the holidays,” Steele says.
Monette says they listed their townhouse at the price of a similar one that sold in July.
Some buyers are motivated to accept a higher price because of employment trends in the winter, says Fagan.
“Job transfers occur often around the holidays as businesses get ready for a new year, plus families want to get their kids settled before a new semester starts,” he says.