Finally, it’s Spring. And while that might mean drinks on the patio, afternoon BBQs, and starting to think about what you’ll be planting in your garden, for many people, it also means putting their house up for sale. Here in Toronto, the Spring real estate market is the busiest time of the year and the time that we see the most new listings for sale, but does that mean that it’s the best time of year for you to put your own house up for sale?
Everyone is different, and you’ll need to think about when the best time of year is for you to sell your house based on your situation, but if you’re thinking of selling this Spring, you should know that just like listing your house at anytime of the year, listing in the Spring has it’s own particular pros and cons that you’ll want to weigh.
1. Your home will show much better
Obviously, your house will look much nicer in the Spring than it did in the colder months. Flowers bloom, the BBQ cover is off, the patio furniture is out, and your house will be filled with all of that natural light that makes it look so much better. You notice a big difference in how your home looks and feels in the Spring, and so will potential buyers.
2. It’s easier to get your home ready for sale
When you’re getting ready to sell your home, there’s a lot you need to do. From painting the fence and cleaning the gutters to repairing the loose boards on the back deck and pruning your trees, getting your property looking its best is just all-around easier when it’s warmer out.
3. Buyers are more motivated
With the Winter and holiday seasons behind them, buyers become more motivated to find that perfect new home. Buyers are generally more upbeat, and there is a feeling of renewal and change in the air. That can make a big difference to get buyers motivated to put serious offers on houses that they like.
4. You’ll probably get a Summer closing date
Why would that matter? Well, when you sell your home, you’ll of course have to move somewhere else. With the kids out of school and the warm and sunny weather, Summer is a much better time of the year to move. That’s something that buyers are aware of too.
1. There is more competition
When you sell your house at the busiest time of the year, then there will of course be more houses on the market, which means more competition. That’s why, during the Spring, you’ll want to do all you can to have your house looking it’s best to differentiate it form the rest of the listings on the market.
2. You might get less money for your house
While here in Toronto we’re used to seeing bidding wars and people paying 25% over the asking price, the fact is that if there is more inventory on the market and buyers have more choices, you may get a little less than you would if you sold your home at a time when there are fewer houses for sale.
Are Condos Different?
Condos, townhouses, and generally properties aimed at first-time homebuyers don’t really apply all that much to the pros and cons of listing in the Spring above. Typically, people buying condos are more concerned with amenities and location then they are with the constraints that families buying houses do, so if you’re selling a condo, then really anytime of year is fine to put it on the market, but you’ll still want to check with your real estate agent to see if your particular situation is different.
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