Thornhill Post April 2016… Best. Exposure. Ever.
The most consistent question I am asked on a regular basis is, regardless of the time of year is, ‘Is this a good time to sell’? Typically, most people believe the best time to sell is in the Spring. Realtors know the Spring maker starts in the middle of February and tapers off around the beginning of June. The public believes the Spring market starts and ends with the calendar; March 21st to June 21st. Nope! The real estate Spring market starts earlier and ends earlier. Now, back to the question: Is the Spring time the best time to sell? That’s easy. No, not necessarily! For example, if you tried to sell this past Spring (2014) you would have lost about 5% of your selling price as prices rose that much in most areas after May or June. In fact, our Spring market never really happened this year! Worst winter ever? Ice storm, anybody!? Remember, we saw -5° weather in April; Brrrr!
I still have not answered the question. When is the best time of the year to sell your home? It depends on two important factors: 1) the temperature of the market, and 2) the level of competition. Let’s look at these two deciding factors. Firstly, if it’s a heated market, and more specifically, a ‘sellers’ market’, then that is always the best time to sell. This is where we see ‘multiple offers’ and selling prices over the asking price. Sellers will always be in the driver’s seat in this type of market. Secondly, there should be very few homes for sale in your neighbourhood. If buyers have less to choose from they will take your home more seriously. In fact, if there is less competition (or seasonally less competition), serious buyer’s will be forced to bid on your home as they have fewer choices. In fact, even if your asking price is a little bit too high, you still have a great shot at getting your home sold. Less competition removes a lot of the price sensitive issues we often experience.
If your home is for sale and these two important factors (above) exist in the marketplace, and your home is priced a little bit on the low side (compared to recent solds)…. you are unstoppable!! I see multiple offers in your future and a possible selling price well above your asking price.
The combination of timing and price have to work together, hand in hand! I can determine if the timing is right for your home in your neighbourhood. Call me today and I will make sure you are positioned to sell strong!
May the magic of the market always be yours!
Usually, the Spring Real Estate market starts in the Middle of February (or sooner!). The idea is, as buyers see it, they are able to move in to their new home after school ends and get settled in the Summer before the kids head back to school in September. It starts in February, weather permitting… Ha! Not this year! With such incredibly cold and snowy weather (Ice Storm, anybody?) people were just not interested in going into one home after the other. Also, sellers were not interested in having their homes for sale with such brutal weather, day in day out. Therefore, there was a huge lack of inventory for sale but, quite surprisingly, a lot of ‘ready’ buyers with very little to look at! Then, once the weather calmed down (mid April), the For Sale signs started to go up. The spring market usually starts to quiet near the end of June; not this year. Since it started late… it’s still going strong. Buyers want to buy and sellers are going on the market! Don’t let the summer fool you! Spring is now! It will probably just convert to a Fall market (in Sept/Oct) and continue going strong without skipping a beat. Enjoy the sun! Don’t wait for the Fall market; this current ‘Spring market’ could be much better than the prospects for the coming Fall market.
Going into 2013 we are seeing a real shortage of inventory of houses but a rather abundant supply of condos. Therefore, houses are selling much quicker than condos and other maintenance fee related properties. It make sense; less competition, easier to sell. We will continue to see a lack of available listings but will increase as the good weather comes and snow is a distant memory. Today is April 10, 2013 and as I look out the window I see snow, snow and more snow. An unexpected (minor) snow storm made its way back to us. Of course, it will melt quickly and will be back to Spring like weather. Prices are going up slightly in the housing market but are being threatened in the condo market as more and more condos continue to come to the market while old inventory remains unsold; More supply than demand! It’s a great time to sell a house. There are more buyers than houses for sale in most price ranges. We are even seeing multiple offers continue with houses that are priced well and show well. Condos… not as much. They are much more price sensitive as buyers have many, many choices in the condo market today. If you own a condo and want to sell it, be prepared to undercut the competition with your price or you will join the heap of stale inventory. Price your condo to sell… not sit! You will be successful. Oh yeah, make sure it shows like new! Call me for any advice or help at any time! It’s what I love to do.
Here is a great chart showing the Buying Trends of Canadians in 2013:
CLICK ON THIS… Buying Trends Canada 2013…