One of the most common questions homeowners ask is when is it the right time to list your home for sale? There is no easy answer just by looking at the market itself. Seasonality used to be something we could count on. Fall and Spring were the busiest months in real estate. Things would always slow down for the Winter and Summer, but nobody worried about what would happen next.
Over the last few years, everything has changed. This year, the Spring market was busy, as expected but the Fall Market fell short. The only thing we can count on now is that the real estate market will fluctuate.
Why Timing the Market is a Recipe for Failure
It’s almost impossible to time the market anymore, because even the most well-informed experts don’t know what will happen next. There are just too many factors at play affecting the market. Rising interest rates and high inflation have stopped many buyers dead in their tracks. Some people think we will see further softening before real estate values rebound. On the other hand, the growing population and increased immigration combined with a housing shortage mean a lot of pent-up demand for real estate. In that case, prices will inevitably go up. It’s only a question of when.
There’s nothing more valuable than industry knowledge to help you successfully sell your home. Here are some articles to bring you up to speed:
- How to Negotiate a Real Estate Contract
- Fact vs Fiction About Working With a Real Estate Agent
- 5 Seller’s Mistakes to Avoid
If You’re Ready, the Time is Right
Since you can’t time the market, what should you base your decision on? The best reason to sell now is that it fits your lifestyle. Up or down, there are ways to make the most out of every situation.
- If your current house is too small and you’re ready to upgrade, there’s no reason to wait until the market changes.
- If you’re relocating for work, you may not have the luxury of time to wait.
- Thinking of downsizing? Your timing might actually be perfect, especially if you have equity in your current home.
Why Your Position May be Stronger Than You Realize
It’s easy to compare today’s prices with those at the beginning of 2022 and feel a little dismayed. It’s painful for anyone to hear that their most valuable asset has depreciated significantly. However, there is another way to look at it.
At the start of the year, the average home price in Burlington peaked at $1,156,477 in April. By September, that value fell to $877,125. Those numbers are disheartening for any seller, but this is only part of the picture.
Imagine you bought your home in 2017, just five years ago. Back then, the average price was approximately $630,000 in April. Today that house would sell for nearly $900,000, a hefty return on investment after only five years. In other words, what you could have earned doesn’t matter. What matters now is that you’re still making a significant profit on your sale, and it leaves you in an excellent position to buy your new home.
How to be Successful in Spite of the Market
The best, and sometimes the only way, to win in any market is simple. Just buy in the same market that you sell in. Think of it this way: If the average cost of a house rises by $100,000, you’ll be overjoyed when you sell, but you’ll also pay more when you buy. If the market drops, you will still be okay because your new house will also be less. As a current homeowner, you are always the least affected by market fluctuations because you already have equity behind you.
Preparing Your House for Any Market
Regardless of the outside factors, there are many things you can do to influence the success of your sale. Your real estate agent can help by performing extensive research on your neighbourhood to determine the best way to price and position your home.
Even in down markets, certain areas are more valuable than others, and certain features appeal more to buyers. The inside knowledge your local agent provides will help you develop a successful strategy.
The best thing you can do is to perform all of the little tasks that make your home stand out.
Clean and declutter until your house showings from top to bottom.
It’s a great time to get around to those minor repairs you’ve been thinking about. A fresh coat of paint throughout, brand new faucets in the kitchen and an attractive backsplash can help make an immediate impact on buyers.
When making your home beautiful, remember the outside. Create a powerful first impression by keeping the lawn manicured and the walkway clear and free of debris. Some well-placed seasonal decor can add a nice finishing touch!
Want more tips to make the most out of your sale? Here are some ideas to help you out:
The Importance of Accurate Pricing
The real estate market is always changing, which can make it challenging to determine the ideal selling price for your home. There is no formula to calculate the listing price. Instead, your real estate agent will perform a detailed analysis of how your property compares with others recently sold in the neighbourhood.
The right price is one that gets the attention of potential buyers while allowing you to maximize the value of your house.
Setting an attractive price is often the most critical component of a successful sale. Did you know that we offer free home evaluations with no obligations? Book yours today right here.