When is the best time to sell my home?
Monday Nov 06th, 2017
While the popular view suggests that springtime is prime selling season, there are a variety of factors that play into the best time to sell a home.
“Depending upon the number of homes on the market at any given time, the ultimate window for the quickest sale and the highest price can swing significantly,” says Mark Wolle a broker-owner with Royal LePage Wolle Realty in Kitchener, Ontario. “It boils down to supply and demand, so in fact, you may do better price-wise when there are fewer homes on the market.”
Wolle also points out that in very hot housing markets, the time frame in which buyers are looking for a home can stretch long past just the spring market since they may need to make offers on several homes to be successful.
By listing homes further away from the spring season, sellers may attract buyers who are more urgently motivated to purchase. Many sellers do better in the fall and winter months because there are fewer options for the buyers who are in the market. Conversely, buyers may do better to avoid the multiple-offer situations such as those witnessed in hot housing markets.
Pinpointing the best time is not an exact science and Wolle says that most people make real estate decisions based on need. Questions such as “what do I need now?” and “how will this improve my quality of life?” dictate many purchase and sale decisions. In many cases, the real estate climate plays a limited role in these decisions.
Sellers who act on “timing urgency” alone, may not necessarily achieve their desired outcomes,” adds Wolle. “Homeowners have their reasons for selling and buyers have their own motivations behind the right time to make a purchase. Life events occur for people everywhere all the time, not just in the spring selling season.
Wolle advocates that sellers are best to engage a hyper-local agent who will provide advice on how and when to sell a specific home, given the many variables at play within your market.
More information is available at www.royallepage.ca.