The Best Time to Sell Your Home | The Tanya Crepulja Team

One of the most common questions we get as Realtors® is, “When should I sell my home?” If you had asked this years ago, the answer would have been far more simple. We could (almost) definitely say that “Spring was the busiest time!”

If you missed it, Fall was the next best opportunity. In the current market, there are just too many factors to consider, and this will be a very personal decision that you will make based on your goals and what is going on in your life today. In this post, we’ll touch on just a few of these considerations so you can make the most of the current situation.

Does Seasonality Still Matter?

Traditional real estate wisdom has always stated that spring is the busiest time in the market, where you’ll encounter the maximum number of people searching for their new homes. Fall has always been the second busiest, while you could count on summer and winter being considerably slower.

This was always a bit of an oversimplification, but it has really gone out the window recently. First of all, spring isn’t necessarily the busiest time of year, and winter isn’t always slow. Within the last few years, we have seen the market absolutely on fire when it was supposed to be in its January and February lull, only to slow down when everyone expected it to pick up in April or May.

In addition, the busiest doesn’t necessarily mean the best. There can be something to be said for selling in a traditionally slower season. Not only will you have less competition from other homeowners, but Buyers can also be more motivated during these times.

Whether selling or buying, understanding the real estate industry as a whole will help you get the results you need. The resources below are a great place to start your research:

What Does Your Buyer Want or Need?

Some Buyers will sit back and wait for the market to change or for the Bank of Canada to lower the interest rate. However, others have a pressing need for a new home right now, and they are not going to put aside their search for any reason.

For example, imagine a potential Buyer has received an amazing new job offer that requires them to relocate within the month. They are not going to turn down an opportunity of a lifetime just because it’s not the “right season” in real estate. They will be out hunting for their new home whether the sun is shining or the snow is falling. Your job is to be ready with your house looking spectacular and formulating a well-thought-out selling strategy.

What Is the Market Doing?

Since you can’t depend entirely on seasonality in real estate, consider the types of markets you might be up against when selling. Again, conditions are nuanced and can change quickly. As in most industries, it comes down to supply and demand.

A Seller’s Market: This means demand from Buyers’ far outweighs the limited supply of inventory. They often have to compete against each other to secure the home of their choice. There may be homes sold with few or no conditions in the purchase agreement, and in a heated Seller’s market, depending on the demand for a particular home, it may sell above the estimated market value.
A Buyer’s Market: There are many listings available, with far fewer Buyers looking for them. Now Sellers are at a disadvantage. They’ll have to work harder to ensure their homes stand out in the crowd. In a Buyer’s market, it’s expected that there will be negotiating on the price, and conditions in the purchase agreement such as financing and a home inspection. The Buyer has the upper hand in negotiating terms that are most favourable for them.
A Balanced Market: With approximately the same number of Buyers for all the houses available, the market is in perfect balance. Properties have a steady amount of showing activity, and will sell for a fair price within a reasonable period of time.

As a Seller, it seems logical to list during a Seller’s market or, at the very least, a balanced market. However, you’ll have advantages and disadvantages no matter what is happening. Even if you must sell during a Buyer’s market, you’ll have the advantage of buying your next home when prices are down and there is less competition! Therefore the perceived loss on the sale is actually a gain on the purchase.

When Selling Now Isn’t a Choice

Few people decide to sell their homes just because it’s a certain season or the market is good. While it’s nice to sell when conditions are favourable, most homeowners have a more substantial reason to move.

These Sellers will need to anticipate the approximate number of days on the market and average closing time when preparing their homes and creating the marketing plan. Much of this hinges on the desired closing date for both the Buyer and Seller. For example:

You may want to be settled into your new home and neighbourhood before the children go back to school.
Moving in the winter can be a challenging experience. Buyers may take a pause from their home buying search for the holiday season for family time or to take a holiday, which then reduces the amount of potential Buyers for your home at that time. Moving in the winter can also be less desirable due to the cold and weather, which in that case you may want to sell in the late summer or early fall before the weather gets cold.
Your existing home may be getting too big to maintain or may need repairs you don’t want to make. Selling now frees you from the expense and the stress of either.

Buyer Budgets Aren’t Seasonal

No matter which industry you’re in, those who hold the money have the biggest influence, and real estate is no different. When Buyers have spending power, they’ll use it — irrespective of the time of year.

However, while budgets aren’t seasonal, Buyers do depend on a few other factors working in their favour to help them afford the purchase of a new home. Things like mortgage and interest rates play a big part in whether or not Buyers can qualify for a loan and enter the market.

Needless to say, the economy, borrowing rates, and the Buyer’s individual goals certainly don’t follow a calendar. As the Seller, you also have an agenda that may not fit neatly into seasonality or the type of market we are facing.

These ever-changing factors are what makes the expertise of an experienced Realtor® who understands your area so valuable. When you work with the Tanya Crepulja Team, we’ll take everything into account to empower you for your next steps, whether you plan to sell to upgrade to a more spacious home or downsize to something smaller and more convenient.

Capitalize on Every Opportunity

There’s no certain way of predicting what the economy will do in the future. To get the best possible results whenever you list your home, focus on what you can control. Here are some practical tips to help you maximize your sale at any time.

Creating beautiful curb appeal will help your home stand out during any season, but is especially critical during spring and summer when Buyers are dreaming about spending time outside. It’s about more than simple first impressions. The exterior is actually an extension of your house, which means a superior presentation can add real, monetary value to your sale.

Clean and declutter each room thoroughly so there are no distractions. You want potential Buyers to be captivated by the beauty and layout of your home, not the mess in the living room or family photos and knick knacks.
Make strategic repairs to your home that have been proven to add substantial value to potential Buyers. For the best results, work with the Tanya Crepulja Team to ensure any updates you invest in have maximum impact.
Set a competitive price that is backed by up-to-date statistics. The key is to generate excitement over your listing while highlighting the beauty and value of your home. Booking your complimentary home evaluation right here is a great place to start!

Looking for more advice on how to make Buyers stop and take notice of your home? The posts below will give you some ideas:

Expert Advice, Not Timing!

At the end of the day, there is no one-size-fits-all answer to when it’s the best time to sell. Market conditions may play a role, but it ultimately comes down to your goals, why you want to sell, and if you’re planning to buy elsewhere.

For some, the best time to sell is now. For others, it’s later. What do we recommend? Since everyone is different, it’s important to seek the advice of a Realtor® that has plenty of home selling experience in your local market. In the GTA, the Tanya Crepulja Team is committed to staying up-to-date on all the latest trends and developments. We will be able to give you the best advice possible based on current market conditions and your personal goals. In other words – don’t follow a calendar, follow qualified advice!

At the Tanya Crepulja Team, we take a personalized, and client focused approach to help achieve your real estate goals. For more information, connect with us today at tanya@tcteam.ca or call 647-293-3785.