The housing market, like so many others, has its high and low seasons. April, May and June boast far more listings than November, December and January—according to studies, up to 55% more in the United States. Elsewhere, it’s shown that in winter months, houses sit on the market for upward of 80 days, while in summer, it could be as few as 50.
Hot and cool markets
A lot accounts for this seasonal trend. Long summer days mean people are more ready to go out in the evenings and visit open houses. Likewise, many people have vacation time in summer months, which can be used to house-hunt. Summer also makes it easier for families selling their homes because it won’t disrupt their children’s schooling.
In winter, colder locations have the clear disadvantage of low temperatures and shorter days. No one wants to trek through the snow to check out the exterior of a property. Doing any actual moving is also harder when there is snow on the ground snow. In warmer climates, the winter numbers are less extreme but still follow the overall trend.
New approaches in PropTech
Looking at it from a different angle, wintertime in the housing market can prove attractive for sellers and buyers, and not only because of the lack of competition.
Property technology applications, or PropTech apps, are changing the way agents and consumers are interacting, no matter which way the season is heading.
“The great thing about platform technology is that it locates areas of value flow which are weak and optimizes them,” notes Regan McGee, founder of Nobul, a marketplace platform where people can connect with agents, browse properties, and get quotes.
Regan McGee goes on to explain, “By digitizing the interface between buyers, sellers, and agents on both sides, we’ll see more flexibility in the how and when people connect.”
The idea is that PropTech apps can regulate the dips traditionally seen in the number of housing listings from November through February. Nonetheless, knowing the hidden pros of a winter home sale or purchase benefits all parties.
How PropTech helps
According to a report by ATTOM Data, winter is a slow time for home buying, but selling or buying a home during the cold months doesn’t necessarily have to be a chore. Although there is less inventory on the market, which means less competition for sellers, the idea that all activity stops during the colder months is false.
According to Birdie Holmes, broker-associate at Big River Realty in Mendocino, California. “Things do slow down, but people are still looking at property.”
People who are searching for a home during wintertime are usually serious buyers, and they need all the assistance they can get. That’s where PropTech can help, especially if buyers are in search of a reliable real estate agent. During the holidays and winter months, having a good agent is practically essential.
Like the rest of us, real estate agents are also juggling their schedules and personal obligations during the winter months, so it’s important to find someone who can devote their attention to helping you buy or sell your house. With PropTech apps, you can find that agent with a quick scroll and a tap of a button.
PropTech apps like Nobul simplify the process of connecting real estate agents with buyers, and vice versa, by establishing a digital marketplace where every agent, from every brokerage, can compete for a consumer’s business.
Nobul helps streamline the home buying process, especially during those colder months where it may be harder to find an agent. The app gives customers access to the information they need to learn about agents in their area, including sales history, verified reviews, and more. Likewise, any agent verified by Nobul can sign up to access the marketplace and connect with potential clients. Agents are rated via their Nobul score, consumer ratings, reviews and testimonials.
Ultimately, it comes down to timing
How much of a hurry someone is to buy or sell can make all the difference. For those willing and able to explore real estate during the cooler months, they’ve got new PropTech options to help their journey.
Interesting related article: “What is Information Technology?”