The spring season is no longer king of the hill.
Spring’s stranglehold on the real estate market has loosened in recent years, a result of diverse factors ranging from the Internet to industry-savvy buyers. Where people once delayed a for sale sign on the lawn until March or April, the quiet of a frosty home sales season has since subsided in favor of a more active real estate market; with snow on the ground, Christmas carols ringing, and temperatures dropping, this winter selling season looks to heat up further.
“This winter may be one of the most active in years given that buyers have been sitting around waiting for something to happen,” said Linda Dore, a veteran agent with Orland Park’s ReMax Team 2000. “All indications are that the wild market we’ve been having for a while is slowing and that all the things buyers wanted to see happening—a settling of the market and mortgage rates—are happening.”
For some homeowners, winter presents an ideal selling opportunity—despite an upswing of homes on the winter market supply nevertheless remains at endurable levels while the colder months also allow sellers to concentrate almost exclusively on the home’s interior. For other homeowners, however, perhaps those with a thriving landscape or dimly lit streets, winter offers some less than enticing potential. As common in the industry, homeowners must accentuate strengths and downplay weaknesses lest they risk a lingering home sale.
Indeed, the winter real estate market is one littered with positives for some homeowners and negatives for others. Will buyers be able to enjoy the spacious patio deck and envision a summer party as they shiver in the Chicago twilight? Yet, won’t those inviting holiday decorations, fresh cookie scents, and candles provide a touch of warmth and comfort?
The answer: well, yes and yes. With the winter season in tow, homeowners can capitalize on the cozy feelings of the holiday season as well as a decreased supply of homes while simultaneously battling weather and a withering outdoor life. Sellers have taken increased notice of winter’s potential in the sales market and erased the need to wait for the warmer months ahead. With a few wise steps, winter can deliver a winner.
“Sometimes we pick the time to sell our home and sometimes the time picks us. If you have the flexibility to make the call as to when the home will hit the market, then consider what aspects of the home you want to highlight,” said Barb Thouvenell, managing broker and owner of PRS Associates Realtors in Chicago’s Beverly neighborhood.
“We’ve seen less of a seasonal market in recent years. Sellers used to think only about spring given the opportunity to spruce up the home, but in winter people can do some simple things they can’t do in the summer to make the home more inviting such as lighting the fireplace or candles. These are easy things that can make a home feel more like a home.”
While a well-priced, quality home prepared to sell will likely garner serious offers regardless of the season, the winter seller often needs to consider some aspects of staging that a summer seller might be able to overlook, including a seat inside the door for people to take off their shoes and accessible parking on snowy days.
“The winter seller has to be much more prepared for bad weather and scrupulous about shoveling and making a path to the door,” Thouvenell said. “The seller simply needs to take more care and cater to buyers while realizing that something like the open house requires a little luck of the draw.”
There are some uncomplicated ways, however, in which sellers can counter the ill effects of Chicagoland’s sometimes brutish winter months and make the most out of winter’s opportunities. Thouvenell advises clients to have summer, spring, and fall photos of the home’s exterior on display for potential buyers, a move she says “will help showcase the house in every season.” Dore, meanwhile, urges sellers to enter the market with realistic expectations and a positive attitude.
“The number one item to know is that you’re going to get fewer showings, so staging the home properly and making the house as attractive as possible takes on added importance,” she said.
Despite the movement toward an increasingly heated winter market, Dore cautions that the overall guiding principle of real estate holds regardless of weather and the winter season’s supply of homes.
“If you’re going to sell your home, then you get it ready in an attractive condition,” she said. “The buyer’s expectations remain high and on an attractive product no matter the weather outside.”
