In the Asheville real estate market, spring and summer are known as prime selling seasons for homes. But winter should not be overlooked. For sellers, winter offers a unique opportunity to sell your home while competition is low and there are still buyers in the market.
We know you might be asking, “Is it hard to sell a house in the winter?” From our decades of experience, we’ve found winter can be a great time for sellers to put their homes on the market. Here are the top 4 reasons to list and sell your home this winter, along with some tips on how to get ready to sell so you can close before the summer.
First, let’s look at the reasons why selling your home in the winter offers several advantages over waiting for the prime selling season.
1. Lowest Inventory Level of the Year
In Western North Carolina, inventory for selling a home hits its annual low point in January and February. This happens for 2 reasons. The most obvious reason is that many homes that went under contract in the fall typically close before Christmas. Most buyers and sellers would rather not deal with real estate closings around Christmas, so they structure their contracts to close before the holidays.
Another reason for low inventory is the large number of listings that are withdrawn from the market. These homes didn’t sell in the summer or fall, so their owners take them off the market during the winter. They usually put them back on the market in the spring, and this contributes to the influx of new spring listing competition.
As you can see below, it’s the norm for inventory levels in our market to bottom out in January or February.
2. Pent-Up Demand from Buyers
The Asheville real estate market mirrors the tourism season. Years ago, the tourism season was very busy in the summer and fall, but very slow in the winter. That’s no longer the case, as Asheville’s booming restaurant and brewery industries attract visitors year-round. Many visitors have learned that even in the winter, the weather is usually mild enough to enjoy a hike or a mountain bike ride. Even during cold snaps, there is still plenty to do, including outdoor activities like skiing or snowboarding. And for anyone wanting to cuddle and cozy up indoors, there is plenty of live music and theatre.
Add in seasonal attractions like the Biltmore Estate’s “Christmas at Biltmore”, the NC Arboretum’s “Winter Lights”, and other winter activities, and you quickly realize there are just as many reasons to visit Asheville as any other time of year.
With increased tourism in the winter comes additional demand for real estate. There are also a lot of buyers who were house shopping in the fall who didn’t find their perfect property. These buyers are typically pre-qualified, and perhaps even a little frustrated. Having been educated on the market, and possibly even missing out on a house or two, they’re now ready to move quickly when a new listing comes on the market.
While the market does slow down in the winter months, listing in the winter can position you well for quick sales and to gain visibility as the market picks up steam as spring approaches.
3. Prices Are Still High
Most certainly, the best reason to list your home now is to take advantage of the continued high prices. As you can see below, the average home prices in Asheville, Black Mountain, and Buncombe County remain high. While not quite as high as the peak of the Covid market, the prices are still high when compared to just a few years ago.
4. Possible Lower Days on Market
Another great reason to sell now is the relatively short time it’s taking for homes to sell. The average home in Asheville or Buncombe County is on the market for about two months (meaning it goes under contract at that time). This means your home could likely close by spring and beat the influx of spring listings.
How to Prepare Your Home to Sell This Winter
1. Address Your Maintenance Checklist
Just like any other time of year, it’s a good idea to prepare your home for the market. Be sure to take care of deferred maintenance and finish up any outstanding projects or repairs. Not sure what items to address and which to leave as is? Contact us for a walk-through. We can help you prioritize your checklist to be sure to spend time, money, and energy on things that will help you sell your house for a higher price.
2. Punch Up Your Curb Appeal
It’s also good to improve your home’s curb appeal. Of course, you can’t plant new flowers in the dead of winter, but you can trim back overgrown shrubs, put out fresh mulch, and touch up paint. Many times, these steps can help set your home apart from other homes on the market. Any extra effort is easy to notice when buyers have very few options, which can result in a stronger offer price.
3. Price Your Home Thoughtfully… and Realistically
As always, be sure to price your home correctly. While competition may be low, this doesn’t mean buyers will overpay. They’d rather wait for more listings in the spring and summer than pay too much for a house. However, a correctly priced home in the winter could mean less negotiation off the list price, since buyers have relatively few other homes to choose from. Use an experienced local agent to help you evaluate comparable sales and market conditions to ensure your house is priced correctly.
Thinking of selling? We can help.
Selling a home in January, February, or March is certainly realistic. If you’re curious about what the winter market means for your house, let us help. We’d be honored to answer your questions and help you decide if now is the time to sell your home or prep for listing in another season.
