Good question! The answer is, it depends . . . Home sales are seasonal here in Minnesota. During the Spring market activity increases and more homes are bought and sold. There are more buyers out looking and more homes on the market for those buyers to choose from.
People buy homes in the fall and winter too. The buyers looking in the winter are usually pretty motivated as are the sellers. This year the cycles have been off a bit and activity has really picked up in the last week or two. Local lenders are busy with new loan applications and closers are getting new orders. I believe that the next six weeks or so may be a better time to put a home on the market.
I have no idea what the market or the interest rates will be like next spring. I can understand why sellers like to wait for the peak selling season. The only advice I can really give is that if a home owner wants or needs to sell it will happen a lot faster if the home is actually on the market.
Some of the advantages to selling in fall include:
- Motivated buyers.
- A lower inventory of homes on the market, for buyers to choose from.
- Working with real estate and mortgage professionals that have time and are not over worked, like we are during the spring months.
- Interest rates will likely be higher next spring.
- Fewer buyers.
- Longer market times.
What to real estate agents do in January when business is slow? Anything we want!