Best Time to Sell My Home
Often, you’ll hear of hot pockets of real estate sales being referred to as “markets”. Like the spring market. Or, the fall market. And with this comes the question of, when is the best time to sell my home?
Well, when it comes to selling your home, timing can make a big difference. Timing factors into how you position a new listing, achieve the best marketing results, and get the most eyes on a property. And ultimately when you choose to sell, influences how much you’re able to sell for.
Understanding Your Audience
In some ways, selling your home depends on your target audience. For example, families with children will likely follow the school calendar year. Meaning, this demographic tends to buy in the spring market, which allows for a summer move and a seamless transition into the new school year after Labour Day.
Demographically, we now have more millennial, professional couples and singles in the condo (and housing) market – seasonality here, is often not as big a factor. The condo market is very active for a much longer period of the year, where closing on a property and moving at any time is more manageable.
Either way, it’s always best to have a strategic realtor by your side who understands the schedule of sale of your property – one who can answer your question of, when is it the best time to sell my home?
Considering the Holidays
Holidays, whether federal or provincial and even religious, are often the time when many people are away or busy with celebratory events. For example, keep in mind ethnic holidays, whereby a large portion of the buyers for a given neighbourhood may be have other commitments. Your agent should recognize these occasions to make the right call as far as timing, in addition to sensitivity.
Moving through a calendar year, times to be mindful of include:
- January: New Year’s Eve/Day
- February: Family Day
- February/March: Reading Week, March Break, Spring Break
- March/April: Easter and Passover
- May: Victoria Day
- July/August: Summer Vacations, Canada Day, Civic Holiday
- September: Labour Day
- October: Thanksgiving
- December: Christmas Eve/Day, Boxing Day
If you are currently in the market for a new property, you’ll notice that new listings tend to decline as a holiday or long weekend approaches. Typically, the number of new listings revert to normal (whatever that really means these days) after the holiday hiatus has passed.
While buyers and their agents are always watching, listing post-holiday weekends tend to mean more:
- Eyes focused on the marketing efforts;
- Attendees at an open house;
- Showings with buyer agents;
- Potential offers on offer night; and
- Potential for higher sale prices for the seller.
So Really, When is the Best Time to Sell My Home?
Thinking of demographics and holiday planning, the spring and fall markets tend to be the most effective times to sell a home. Whether that’s because of new year optimisms or a lack of spring/summer success, both spring and fall can be an ideal time for sellers.
However, while timing is a major factor, it also comes down to how you market your property and whether or not you have the right selling strategy in place. Regardless of seasonality, you still want to consider the increase of sellers to compete with. That’s why having a real estate agent who knows the Toronto real estate market is so important. With the right advise, you’ll be in a strong position to sell your home.
Give us a call – 416 322 5000; let’s talk selling strategy together.
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This article is written by Fox Marin Sales Representative, Ian Busher. With an extensive background in carpentry and contracting, Ian is our resident “Renovations Expert”! He takes pride in his ability to assess the quality and condition of a house. This, in tandem with his talent for speaking to the feasibility and cost of potential renovations, and his eye for the aesthetic details of a property, makes him a powerful partner for anyone looking to buy a home in the Toronto real estate market.
