The previous post mentioned that selling your home in winter may not be as unappealing as it may have once been. Delving further into this trend, we start to see a demographic reason for this shift. Traditionally, the homebuying season mirrors school calendars so that parents can minimize impact on their children during a move. However, “The generations are changing and we are seeing millennials come of age, so to speak, and closer to the homebuying age…hopeful property owners aren’t as locked into traditional seasonal patterns,” says Julie Reynolds, vice president at Realtor.com (see article).
In cooler climates, even as these changes are taking effect, homeowners can be tempted to take lower offers than they might during warmer seasons, fearing fewer buyers. These sellers should take note of these changing market realities. As well, in warmer climates, buyers are actually competing in winter against “snowbirds” for whom properties in the sun seem far more valuable when the lower temperatures set it.
Here in the Tri-Valley area, our world class schools mean that sellers here may see less of a shift than other areas. However, with the high price point Pleasanton, Livermore and the like fetch, many buyers may be looking to take advantage of the winter slow-down to cash in on a bargain-priced home. What does all this mean for our area homeowners? It means that while change may come a bit slower, the Tri-Valley will slowly feel the effects of these demographic shifts and the real estate market may thaw even while temperatures are at their lowest.
As trends shift and the market follows generational patterns, we will see a redefinition of what it means to both list and to buy in the winter months. Using the tips mentioned in the previous article as well as consulting me about how best to show your house or where best to find the greatest winter deals on a home means that doing a real estate transaction in wintertime doesn’t have to leave you out in the cold.