Will the real estate market freeze in January in the Midwest? This is something many buyers and sellers wonder about. It’s cold and snowy, so homes won’t sell, right? Wrong! While spring and summer are the hottest months for home sales, homes do sell in January, and a reasonable number of them sell too!
For Buyers:
Why wait for tons of buyers to be out looking when perhaps you can be the only buyer to make an offer on a home? Fewer buyers come out in the wintertime, which means less chances of multiple offers that drive up prices. Why wait for the spring and summer sale madness when you can buy a home without all the competition.
Most people are searching online for their new home. If you see your dream home pop up for sale in January, why not buy it? With less buyers out looking, sellers may be more flexible with the offer they will accept.
Buying a home in the winter means you also have a chance to check on how well it will stand up to the cold. Is the home drafty? Do the windows have frost on them? Is the furnace heating the house properly? These are things you might not notice in the warmer months.
For Sellers:
While inventory is low in general, it is even lower in January and the winter months. We are still in a seller’s market. This means buyers have fewer options and may choose your home even if it isn’t perfect.
Buyers in the winter months are generally serious buyers who either have to buy a home now, or will buy a home if it is the home they are looking for.
Make sure and keep your home well lit inside and out, and take down holiday decorations in a timely manner. Keep the sidewalks and driveways shoveled as well. Do what you can to give your home a cozy feeling, such as turning on a gas fireplace, and make sure the heat is at a comfortable temperature.
Whether you are looking to buy or sell a home, winter should not scare you away. Will the real estate market freeze in January? It won’t freeze, but it will slow down and allow serious buyers and sellers to put together some transactions.