Best Time to Sell a Home
Our response is ‘typically the best time to sell your home is when you are physically, emotionally and psychological ready’. Be careful of trying to predict the future real estate market as this can be somewhat impossible as there are too many variables that effect the marketplace and can backfire if you make the wrong prediction.
The most important question to ask yourself is, do you really want to sell your home? If the answer is ‘no’ then it really does not matter. If you are not emotionally or psychological ready and do not have to sell for any compelling reason, such as financial, travel or perhaps being closer to your grown children, then although you may toy with the idea, you are not motivated therefore really not ready to move. Stay put and enjoy your neighbourhood.
If the answer to the above is ‘yes I am ready’ then we would typically say that summer is a time of year when many homebuyers and realtors vacation or spend time at a cottage so this might not be the most attractive time as it could potentially limit the number of buyers to your home and ultimately the price; particularly if you are trying to attract multiple offers on your home. It is a numbers’ game so you want to ensure that you sell when you can cast the widest net.
The other consideration is if you do sell your home where will you be moving too. In other words, will you be moving in the same neighbourhood, into a more or less expensive area, condo or co-op. Are you perhaps leaving the home ownership market altogether and renting. The biggest impact when buying a home is usually when you are entering the marketplace for the first time and selling your final home. When you are buying your first home you want the market to be low so if the market is going up buying sooner rather than later might be advisable, and, of course, when you sell your last home you want the market to be high so whether that is Spring, Summer, Fall or Winter is not the question but rather are the real estate numbers going down or up.
Right now, the trends does appear to be slightly downward. The 2018 average selling price in the GTA is down 4.3% year-over-year. We have had record high numbers over the last 10 years consequently the stress-test, higher interest rates and consumer fatigue may actually be starting the market shift.
Of course, these are all generalities and your particular location or home may buck the trend. Give us a quick call, text or email and we can analyze your particular situation in greater detail and make recommendations as to when might be the better time to sell your home or investment property.
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