This is a question I get asked all the time. “When is the best time to sell my home?”
The reality is there are market conditions and personal conditions that come in to play in answering this question. From a market stand point statistics will show you that the majority of activity and sales take place in the Spring months of March-May. Historically there is an active fall market in September and October as well.
There may be other market conditions that impact sales. For instance the introduction of the HST in 2010 added to the flurry of activity in the months leading up to its implementation, or the increased activity in December in the GTA just before they introduced the double Land Transfer Tax. Market sales could also be impacted by anticipated changes in mortgage rates or policies that may impact buying decisions.
Changes in the stock market (where someone might have their downpayment saved) could easily effect buying decisions. Any market predictions on house prices going up or down in the future will also play a part in the decision of the best time to sell.
Personal decisions also come into play. You may be thinking of moving for a number of reasons, job relocation, financial, marital, a death and so on. These personal situations may have immediate impact on when you decide to sell your home.
In an ideal world we would all sell when the market was at its best and buy when at its worst. The reality is we need to weigh in both the market and personal implications in any selling decisions to find the best result to meet our individual needs.
Believe it or not, there are pros and cons to buying or selling your home in any month of the year. Consider the person both buying and selling at the same time. Can a month that is considered the best month to sell, also be the best month to buy?
After reviewing current market conditions and personal factors, the most important thing to remember, regardless of when you decide to sell, is, you should always prepare your home as best you can for the next buyer and price your home to best meet the needs of you and the market to maximize your results.
If you are thinking of selling your home and want to discuss the best time to do it, please give me a call, I’d be glad to sit down and help you with your plans.
Michael Wilson