Even though Greenville doesn’t experience the “big freezes” of the North, there’s still the idea that home sales tend to bottom out in the fall and winter. But is that true? And what do seasonal changes mean for buyers and sellers?
Fall and winter: Do home sales slow down?
The short answer is yes, the housing market does tend to slow down in the winter for several reasons:
- The cold weather means more people are staying at home and fewer people are going to open houses.
- The holiday season keeps plenty of people busy, leaving them less time and money for house hunting.
- School is in full swing, so families are often less likely to be looking to move (although they may be “testing” the market to prepare for spring and summer sales).
But that’s not necessarily a bad thing. Colder weather means less competition for both buyers and sellers, which sets the stage for good deals on both ends. For buyers, less competition means there’s a greater chance of scoring the home you want at a price you like. For sellers, the colder weather means the buyers who see your property are likely more serious about making an offer (otherwise, they’d be snug at home). And that can mean a faster closing.
As for what’s happening in the market right now, statistics show sales are slowing down a bit, and not necessarily because of the season. Instead, experts say rising interest rates are putting a damper on mortgage applications, especially in markets where prices are already at or near their upper limits. At the same time, some markets report the number of homes for sale is dwindling, which means fewer sales – but more competition (and potentially higher prices) for homes that come on the market.
Make the Most of the Market
Lots of factors can have an impact on home sales, including the season. The fact is, those factors – and their impact – can vary dramatically among regions, cities and even specific neighborhoods. The best way to understand what your local market is doing is to work with an experienced real estate agent who’s familiar with your market and its fluctuations. As a leading real estate and development consultant group in the greater Greenville area, Parker Group helps buyers and sellers understand their market – and how to make the best of current trends. If you’re thinking of buying a home or considering investing in property in or around Greenville, call Parker Group at 864-326-5047 and learn how we can help you make the most of today’s real estate market.