Wait, what? While you may think that most people look to buy real estate in April, May and June, statistics don’t prove out that theory. Sure, the weather is beautiful for house hunting. Flowers are in bloom and it’s so much easier to stage a home when the sun is shining and people are happy to be outside once again after the long winter.
However, while it’s true there are generally more house sales in the spring, that doesn’t mean more offers are made during the warmer weather months. In fact, the reason why home sale statistics are higher in May is because more closings take place in May. When did those houses go under contract? Winter!
The national real estate brokerage company, Redfin, did a survey of 1.1 million home listings between 2011 and 2013 in major cities all around the country. The report results revealed that homes put on the market between Dec. 21 through March 21 sell at closer to listing price within six months of the initial listing. In fact, homes listed during the cold weather months sold, according to the survey, about 1.2 percent higher than houses listed at any other time through the year.
Even more interesting, the numbers are even higher in the cities that experience the harshest winter weather including Chicago and Boston. Why? Redfin says the main reason is that people tend to start scoping out their options before the freeze fully sets, so they go out hoping to find homes in December and early January.
What does this mean for NJ sellers? Get moving and get your home on the market if you want to have a spring 2015 closing. Be ready to shovel the walkways and keep a show-ready house even though the family will be inside more than other times of the year. For buyers, head out now and get a jump on others who have their eye on your ideal neighborhood.
Whether you are buying or selling in South Jersey, you need an experienced real estate attorney to help you avoid the pitfalls you may encounter. Cherry Hill, NJ lawyer Joel R. Spivack, esq. will protect your interests throughout the real estate process. Call him today.
