When Is the Best Time to Sell Your House?

There’s a cycle to almost everything in life, and the real estate market is no different. Housing prices rise and fall depending on the season, which is completely normal even during healthy economic times. It’s when the cycles become unpredictable or appear out of control that things can get hectic.

Ambitious investors often try to time the market, while everyday buyers and sellers nervously keep an eye on the latest stats. However, the old saying “timing is everything” is an outdated myth as we move into a new reality in the real estate market. What was traditionally the “worst” time to sell your house can actually be the best. Let’s take a closer look at what has been happening lately to see if we can’t clarify some things.

Seasonality in Real Estate

Anyone who has worked in real estate in the past understands that there is, or used to be, a seasonality to the market. Housing sales get busy in the spring and fall and typically slow in the summer and winter. That’s when the buyers were most active, so it made sense to list your house during the busy times.

Lately, however, those traditions have gone out the window. What does any of this mean when deciding when to list your house for sale? The old rules have changed, and the new reality is that there is no longer a “best” time to sell your home in terms of seasonality. Homeowners make their decision based on their own needs and goals regardless of outside circumstances.

If it’s time to move up because you need more space, then now is the best time.
If you want to sell your large family home in favour of something smaller that needs less maintenance, then now is also the best time.

In most cases, strategy is far more important than timing when selling your home. The following resources will help you create your master plan:

Types of Markets

Seasonality is only one factor that often comes to mind when deciding whether or not to sell a house. There are also three general types of market conditions to be aware of. Let’s take a look.

Balanced Market

During a balanced market, both buyers and sellers are mostly on the same playing field. People are searching for houses, but there is also enough supply to meet the demand. This is a healthy market. There’s enough competition to motivate buyers to act when they find an ideal listing but not so much that they feel pressured to buy a home that’s unsuitable or out of their budget. Sellers are also in an advantageous position but should still do everything possible to make their homes more appealing.

Buyer’s Market

This can be a tough position when selling your home. Buyers are few and far between, and they have countless competing listings to choose from. They will take their time and be far more scrutinizing than in any other market. If you are selling during a buyer’s market, you have no choice but to price very competitively and pull out all of the stops to make your house dazzle and shine.

Seller’s Market

In a seller’s market, homeowners hold most of the bargaining power. There are so many buyers and so few homes that multiple offers are almost expected. Many homes sell quickly and earn more than the asking price. Unfortunately, many homeowners can become complacent during times like this, which can mean a failure to fully maximize the value of the sale.

If you want to ensure you don’t leave anything on the table when selling your home, read “A Back to Basics Guide to Maximizing Your Sale.”

Making the Most of the Opportunity Now

It’s always a good idea to do your background research and analyze the market before listing your home for sale. This does not mean that you should try to time the market or wait for better conditions. Instead, knowing what you’re up against will help you craft a plan and make the most of the opportunities each scenario has to offer.

For example, the advantage of selling in a seller’s market is obvious. But did you know that you can also achieve outstanding results when selling in a buyer’s market? It may take a little more planning and effort to stand out from the competition, but there is always hidden potential. One of the best parts about selling during a buyer’s market is that after a successful transaction, you become the buyer! The hard part is over, and you’re in an excellent position in a market that is now in your favour.

Knowing what your house is worth and how to enhance its value can go a long way toward maximizing your sale. The related reads below will give you some ideas:

Creating Your Successful Selling Strategy

Now that you’ve got a handle on seasonality and the types of markets, it’s time to formulate a successful strategy for selling your home. With the right guidance, you can navigate whatever the market throws at you and enjoy a seamless transition.

Selling a house can be a complex process with many moving parts that depend on the location and precise market conditions. However, there are things you can do during any market to greatly improve your odds of a fast sale at top dollar. The checklist below will help you get started.

This probably comes as no surprise, but a successful transaction begins with a deep clean and declutter. First impressions are everything, and nothing makes a bigger impact than everything looking clean, fresh and well-organized.
Take a walkthrough with your real estate agent to determine what improvements can help you earn a higher price. The good news is that extensive renovations are not usually necessary. Often, something as simple as a coat of fresh paint can make all the difference in the world.
Consider staging your home for maximum impact. This allows buyers to imagine themselves living in your space. During competitive markets, effective staging can be the one thing that sets your listing apart from everyone else.
Always price your home strategically for the market. An attractive price point generates more interest from buyers and increases the chances of receiving multiple offers. Your real estate agent can perform a CMA (Comparative Market Analysis) to help you determine the optimal starting point.

With an effective and well-thought-out strategy, the answer to the question, “When is the best time to sell your house?” is simple. You can sell when the timing suits your goals and lifestyle and still enjoy outstanding results.

At Woolcott Real Estate, every seller enjoys the highest level of client service and expert advice. Complimentary staging is also included with every listing. Contact us today or call 905-332-9223 for more information or to get started.

When Is the Best Time to Sell Your House?

Seasonality in Real Estate