When is the best time to sell your home?
RIGHT NOW IT IS A SELLER'S MARKET - 1/30/2020 - INVENTORY IS LOW IN DURHAM REGION
Selling your home and netting the most money can be a tricky question. For the most part, the ideal time to list your property is in Spring and close when the children are out of school. That is when we see the most activity. Nicer weather for house hunting and also you can see the outside of homes better without the snow and ice. That is not to say that homes do not sell in the winter time. For some people, selling in the winter is not an option. Maybe it is a job relocation, divorce or retirement situation or maybe their home shows better covered in snow! :)
Right now, end of January we are seeing crazy multiple offers because there is hardly anything for sale. One of our listings has had 73 showings in 3 days and sold well over asking - anything detached in the price point under 750K in Pickering is crazy busy.
Spring selling can also bring a lot of competition, so if you are planning to list in Spring, know that you are not alone and buyers are looking for the "best bang for their buck". Pretty sells. So does having good roof, windows and HVAC systems that are not at the end of their lifetime. When buyers have a choice between two homes at the same price, and one has a newer roof and one has an original roof needing replacement, which home do you think they want to buy?
Mostly though, you have your own family's needs to consider. You may want to time your move to coincide with the end of the school year, for which selling in the Spring/Summer makes sense. You should also take the local real-estate market into account and aim to list your property at a time that's likely to give you the best sale price and appeal to a large number of prospective buyers. For example, if the number of homes sold in your neighborhood has historically peaked in April, then that's a good month to aim for. That is where working with a LOCAL Realtor will help in those decisions so a plan can made in advance how we are going to market the property and when.
Studies have shown that May 1st is the busiest day to list your property. It seems people think "List in May, Close end of June or July" and have the summer in the new place to get everyone ready for back to school etc. But there are many buyers out there that want to beat the rush and prefer to buy in February, March and April .. these are usually first time home buyers or empty nesters. So depending on your price range, neighbourhood and motivation ~ the best time to list can change?
On the flipside, selling your home during the spring could work against you if your neighbourhood is saturated with competition. This especially holds true if your property doesn't have any distinguishing features that give it an edge. By contrast, if you sell at a time that's less popular, you might land in a scenario where your house is the only one of its kind on the market for months. If you have buyers who are desperate to move to your area and can't wait, you stand to net a higher price.
Right now, inventory in Pickering, Ajax and Whitby is VERY LOW. Hence we are seeing multiple offer situations right now due to this problem. Mostly they are the property under $700K for the most part. Working with a Realtor that is transparent and will show you the activity in your neighbourhood is "KEY" to timing the market.
That being said, if you are thinking of listing your property in 2020, I would love to mee with you adn discuss how I market properties and what I do that is different from the rest. I think you will find I am honest, transparent and work to get you the most money for your home.
Feel free to reach out or text my cell 416-300-3004 anytime and let's chat. I am happy to send anyone some recent sales in their neighbourhood at any time so they can make an informed decision. Looking forward to being of assistance.