Why It’s Smart to Sell Your Elkhart Home During Winter
Every year about this time we get call after call from homeowners who are thinking of selling their home in the Elkhart and Mishawaka area but can’t decide whether they should wait until spring. The answer? “NO!” Different markets provide their own great reasons for taking action. Winter is no different! Here are eight great reasons you should NOT wait for spring to sell your home in the Elkhart area.
#1. Less Competition
Most sellers in Elkhart and nationally are thinking like the folks we talked about above and wait until spring to put their homes on the market. Less inventory means less competition for the buyers who are interested in moving sooner rather than later. That gives your listing a definite advantage. In early January of 2017, we had only 417 homes for sale in Elkhart which is low inventory.
#2. Higher Price Points
Less competition can often mean a better selling price and terms. While pricing should always be tied to fair market value, you’re more likely to see “bidding wars” when there are less homes to choose from. Since Elkhart has low inventory of homes for sale, we are seeing higher listing price to purchase price ratios and lower days on market. Home buyers in the Elkhart Indiana are snatching up homes that come on the market rather quickly and at higher price points due to competition against other buyers.
#3. Corporate Relocations Are Up in January
Relocations for corporations are historically high in the first two months of the year, which means buyers are more than motivated – they are in decision-making mode! Because they typically are required to move quickly and settle into new positions, they are focused, know what they want, and are ready, willing, and able to make an offer on the spot.
#4. Lower Interest Rates
You currently can lock in an interest rate in the 4% range, which is still historically low. Freddie Mac expects the average rate for the 30 year fixed mortgage to reach 5% by the end of 2018. Run the math and you’ll see how a small change in interest rates greatly increases the cost of a loan over 30 years. You’ll end up paying more than you think in interest to the bank.
#5. Winter Can Bring Out the Best
Homes show and stage better during the winter, with cozy fireplaces, winter throws, and holiday decor adding to the ambiance.
#6. Serious Buyers
Unlike their spring and summer counterparts, if someone is out in the winter weather — carving out time in some of the busiest months of the year — you know they are serious. They are often pre-qualified and motivated to make a decision.
#7. Timing Your New Home Purchase
By listing and selling your Elkhart home in the first of the year, you’ll have the first pick of spring market inventory because you won’t have to wait to sell your current home.
#8. Quicker Transactions
With fewer real estate transactions compared to the spring market, lenders, home inspectors, and attorneys all have less to process than they will in just a few months. That usually means good news, faster transactions, and less stress getting to the closing table than during busier times of the year.
If you’re thinking of selling your home now or in the near future, know that fully understanding our market is critical to making the best decisions for you and your family. I’m happy to provide you with a current market analysis of your home ($500 value) for free so you can be sure to get the absolute best return on your investment. Call me today to request yours.
Contact Kevin Foy, RE/MAX Excellence Elkhart
Kevin is a real estate broker-associate with RE/MAX Excellence in Elkhart, Indiana and has served real estate clients for over 35+ years in Northern Indiana and Southern Michigan.
To get a hold of Kevin for real estate services:
- Phone: 574-536-9218
- Email: Kevin@TeamFoy.com
Or you can subscribe below to our monthly email newsletter to stay up to date with the latest real estate news, tips, and housing market reports. Thanks for stopping by today.