Can You Sell in the Winter in Park City
December 12, 2019
Absolutely, if the property is not in the nightly rental market, you can sell in the winter. There are always families that need to move for work purposes, or other family matters, no matter what time of year. Yes, there are fewer homes to choose from, but that is what makes it a good time to sell as there is less competition for the Sellers.
I have sold several homes in the winter. There are challenges, like a roof inspection with snow on it, inspecting the air conditioning unit and even radon can give you inaccurate results. But by and large, it’s a good time to sell. So if you are thinking of listing your home for sale in the winter, take steps now to remove the obstacles.
Why not get a pre-inspection so you know exactly what issues there are in the home and take care of them while it is still easy to do without dealing with several feet of snow. Get a reputable roofing company to come out and take a look. Have them write up a report that gives the current status of the roof. Reputable is key here. There are companies out there that will tell you a new roof is needed when in fact they just want your money. This is sad, but true. Talk to me about roofing contractors for a short list of honest companies.
If you do nightly rentals and want to sell, I strongly suggest you take your property out of the rental pool. The property sits on the market for a longer period of time, since it is so difficult to get access to show the home or condo.Your Days on Market (DOM) statistic goes up and now it looks like there is an issue with the property because it hasn’t sold. Remember, your first showing is online. With all the available data on the internet, potential buyers don’t necessarily contact an agent to find out why a property has been sitting on the market. They surmise that there must be something wrong with the home or condo.
Crunch your numbers. Is the net rental income so fantastic that you would rather have the rental income than a large chunk of cash from a sale, used in another investment that might yield you an even higher ROI? If the net rental income is that great, then wait until after ski season to sell. Stop taking on new rentals after ski season. Taking this advice will make your life a lot easier.
Another challenge for selling a property in the rental pool is the transfer of the rental guests over to the new owner. As per the Utah Real Estate Purchase Contract, buyers must accept the rentals from the previous owner. This can get sticky, especially if you self manage with VRBO and Airbnb. VRBO no longer allows an owner to transfer their account over to the next owner. Rentals must be canceled and rebooked. Some guests may not re-book, and who wants that mess?
There is nothing like being one of the only ski condos or homes that is “vacant and easy to show” in the winter. This is a nice advantage that will pay off well for you.
For more tips and tricks for selling your property in the winter months, give me a call. Want to purchase in the winter? I’m available to help.