For many people thinking of selling their home in the Lake Norman and Charlotte area they wonder when is the best time to sell your home? Most people tend to think the only correct answer is spring or early summer but that is not necessarily true. Winter is actually a great time to sell your home! There may be higher numbers of buyers out looking at homes in the spring and summer, but one should not overlook the possibility of selling in the winter. During the winter months, the real estate inventory or number of homes on the market is much lower and the buyers do not have as much to choose from. We find that typically, the buyers in the winter months are more serious, more focused buyers and are quicker to make a decision to purchase. Part of the reason for that is that the competition from other buyers is so much higher because of the low inventory of homes to choose from. Another factor is that buyers are not as busy in the winter months with other activities like sports, trips, events and other things that take away from their ability to go and see homes.
First, let’s take a look at some statistics to see what happens in our real estate market in December. Alford Realty Group works the Lake Norman and North Charlotte area real estate market so we will take a look at those numbers. Looking at the single family residence statistics in our market there there has been a 11.5% decrease in the number of homes available for sale during the month of December over the last two years. During that same time period the number of closed sales has increased by 25.7%. Also, during that same time period the average sales price has climbed by $24,368. This is a result of the basic laws of supply and demand along with the improving health of the real estate market. The total number of months of supply on the market has dropped by 32.3% for December during last two years as well. The average number of days on market is now only 50 days, down 35.3% from two years ago during this same time period!
These are some pretty interesting statistics. We need to think about what does all of this data tell. For starters it’s showing us that the real estate market is doing great! For anyone who owns real estate, they know that’s great news! However, if you are looking to sell your home anytime soon, it also tell us that winter is a great time to sell your home! By looking at these facts one can easily tell that selling in the spring or summer may not actually be the best time to sell your home. There are buyers are out there and they want to buy your home. Not only that, but because of the low inventory, you may wind up getting more for your home now then you would if you waited until spring. Again, it’s simple supply and demand. In the spring, the supply of homes available on the market goes significantly higher.
If you are considering selling your home, it’s a good idea to at least go ahead and speak with a real estate agent now. Ask them about how home sales are doing this winter in your local market and what your home is worth in today’s market. If you live in the Charlotte or Lake Norman area, we at Alford Realty Group would love to be of assistance to you, contact us today! If you don’t live in our area, contact us anyway. We have a very large network of agents across the country and we’ll be happy to find a great real estate agent to help you out, and it won’t cost you anything.