Should I list my Ottawa property over the winter months?
While the credo of professional real estate would suggest “there
is never a bad time to list a house/property”, there are certainly a number of
issues to be considered in marketing a property in the Ottawa winter. This is
particularly true in 2014/15’s more challenging market environment. Here are a few items to consider:
The
case for listing in the winter:
Most years, the assumption has been that while there are fewer
buyers in the market there are also fewer sellers. With listing inventory levels running at
historical highs, this will not be the case for this winter. There is significant
competition for both residential properties and condos from both the resale and
new construction markets.
Get a “jump”
on the spring market?
There is also a case to be made that while buyers may not be
“buying” (in large numbers), they have already started shopping and doing their
online research in advance of the season.
There is some validity in this position; particularly as we get to
mid-February when “cabin fevered” Ottawans are looking ahead to spring. Open Houses also see a pickup in activity,
especially when we get a warm(er) and sunny day.
It is equally as likely that a REALTOR® may be trying to “get
a jump” on the spring market by securing a listing but that is another
discussion.
Should
I continue to list it over the winter?
Those who have had their property already listed during 2014
often feel they “may miss a buyer” by taking their property off the
market. This may be true but it is more
likely that a property which has already been listed for any significant period
of time (60 days or more) may have some other issues inhibiting the sale and
continuing the listing over the winter is not likely to produce a better
result.
Continuing to list a property for an extended period can make
the listing become “stale” and buyers tend to wonder; “what’s wrong with
it? Or “why hasn’t someone else bought
it already?
Remember that online buyers have the attention span of a “gnat”
and if they have not gotten interested at first glance; then likelihood of
their coming back to revisit a property deemed not to have measured up the
first time is slim.
Sales
are definitely slower:
November through February is the slowest sales period of the
year and while sales don’t cease completely, they do drop off to only 33% to 66%
of average sales during the other 8 months.
This is especially true of December and January. (see monthly unit sales
at www.oasisrealtyottawa.com )
Competitive
disadvantage with those listing later:
By having one’s property exposed to the market earlier,
those in the market get to have a look at the property and compare it to
determine their potential interest.
However, equally true is that sellers who plan to list later on and
their REALTOR® have a chance to plan their pricing and marketing strategy by
knowing what the competition is. (kind
of liking seeing a competitors poker hand)
Subsequent listings will to their best to take advantage of this
knowledge and present a more attractive marketing package for buyers. This is why we see many new listings sell in
the first week or two, as these sellers have adjusted and improved their
offering compared to the existing already listed competition.
Buyer challenges:
Visiting properties in winter can be awkward/ difficult and
many do not want to move in the depths of winter.
Many buyers also have a property to sell and therefore face
the same slower market in trying to get a deal done on their own property.
Curb
appeal and outdoor features suffer:
When we are mired in our 90 to 120 days of Ottawa snowbanks
and deep freeze, most homes will not show their best, particularly those with
key outdoor features such as decks, patios, pools, gardens, interlock, trees
and privacy.
Also buyers are unable to as carefully inspect roofing,
foundations, decks, fencing, sheds, air conditioning, swimming pools or other
outdoor features and amenities.
Some
negative features may stand out:
Properties with older or poorly designed heating systems may
expose themselves in winter and focus buyer attention on cost of replacement
and utility costs.
Older windows may emit drafts or show moisture/icinng
Cool floors, bedrooms or basements may be highlighted
low light conditions may make some homes seem “very dark” or devoid of natural
light which can be a big issue for buyers.
Street parking, snowbanks, driveways and walks and their maintenance
needs in winter are all highlighted. We
see properties with large icicles hanging from the roof and eaves in winter,
pointing to another inspection issue.
Homes that do not have eavestroughing may have glaciers
forming on walks and driveways, depending on their exposure.
Homes or condos without indoor parking may be less of
interest to buyers on a cold, snowy and windy day.
Full
disclosure:
In the interest of full disclosure, we point out that we
travel regularly in winter which inhibits our ability to consider new listings,
if these are immediate. This is also
true of many in our profession who take vacation, training or have corporate or
other industry events during this quieter business time of the year.
We are certainly available to discuss listing requirements
and plans for 2015 at any time and look forward to hearing from you!*
* not intended to solicit those with existing representation
agreements
Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692
oasisrealty@rogers.com
www.oasisrealtyottawa.com
experienced professional real estate services!