Winter may be a great time to sell your Fairfax home. Contrary to popular opinion, market data points indicate that listing and selling your home in winter will meet or exceed your expectations.
The colder months generally produce lower sales volume. During the late Fall people take a breathe, to rake the leaves and prepare for Thanksgiving traditions. It’s a completely natural response to the cold weather which really does present more challenges to moving house.
This slowdown is reflected in the most recent market data published by the Northern Virginia Association of Realtors. Market listings in October totaled 1,719 compared to 2,379 in May. That represents a significant reduction in available inventory, but your Fairfax real estate agent can leverage this to your advantage and deliver positive outcomes.
I want to maximize my sales price in the Spring market! This is often stated as an objection from home sellers when asked to take action to sell their home in the winter.
The recent data suggests there’s little seasonal impact on sales price. Average sales price for all property types in the Fairfax real estate market was $626,000 in May, compared to $607,000 in October.
That represents only a 3% reduction in transaction value. Further complicating our analysis is that comparing these averages is very difficult as there’s a totally unique mix of properties on the market at each time.
I don’t want my house to sit on the market forever, especially over the slow winter months! This common opinion also runs counter to what the data actually shows.
Time on market in May was only 27 days, compared to 24 days in October. Properties are actually selling a little faster in the cooler months.
The broader picture that these numbers represent is that we’re firmly in a sellers market in Fairfax. The seasonality has not changed the huge demand for Fairfax homes and the lower than ideal inventory available for motivated buyers.
I’m going to have to discount the price and give away my equity to sell my house in winter! No, you don’t.
Overall transaction price was within 1% of the asking price in May and October. Again, the strong sellers market is supporting home sales values regardless of seasonality.
Due to the climatic challenges presented during the winter, buyers and sellers are highly motivated. The nature of our market means Government, Military, and Corporate sector moves are happening all year long.
Appointments, promotions, and military orders don’t always have the luxury of waiting for favorable weather. Critical openings need to be filled expeditiously.
With the lower home sales volume, motivated Fairfax sellers and buyers can leverage the Realtor hunger. Lower transaction volume means lower income, and this means your Fairfax real estate agent has more time to focus on successful outcomes for you. It’s likely that you will get more attention, better service, and experience strong financial outcomes by utilizing your hungry agent.
That downtime is also experienced by all the vendors in the transaction. Mortgage lenders and brokers, property inspectors, appraisers, title companies. There should be many professionals waiting to serve your real estate needs.
Despite the lower transaction rate Fairfax home sellers really don’t have to compromise in this robust market. You can expect a speedy sale, receive competitive offers, and enjoy the highest level of service and attention. Winter really is a great time to sell your Fairfax home.