Timing can be everything. And choosing the right time to buy or sell a home could save you tens of thousands of dollars, according to some estimates.
In an article published by Global News, with five years of Greater Toronto Area real estate data, findings from TheRedPin.com :
- “When it comes to selling…May 1st is the best day to sell,” – May had the highest number of sales compared to any other month of the year and prices tended to be higher
- In the best seller the bestseller Buy Ketchup in May and Fly at Noon, research shows that spring is the sweet spot for sellers and January is best for buyers.
- For sellers it’s when there are the most amount of buyers actively looking to buy.
There are more research on the subject but the best time to buy and sell is whenever you’re ready.
In Montreal, timing of lease renewal for rentals tend to plays a role as well. For leases ending on July 1st, the last day of notice to landlords not to renew the lease is March 31st, renters who decide to buy will likely start searching a property to buy before March 31st. Sellers who have already made the decision to sell, the influx of buyers on the market should be motivation enough to take the steps required to list the home, therefore more properties are added to the market starting January.
Selling a House in Spring:
Spring is a great time to sell a house or condominium. Gardens are in bloom. There’s plenty of good light and mild weather. Properties look their best. The market is full with buyers. Spring is a pretty up-beat time of year. In good weather buyers are more prepared to go house hunting.
Be prepared for buyers on the third week of January. After the holidays, many buyers started hunting homes. Ideally, sellers should list their homes before Christmas holidays. Real estate brokers scouring properties for their clients will take notice of any new listings to show to the buyers after the holidays.
Selling a House in November:
Some owners hesitate to market their homes between Halloween and New Year’s Day, believing the holiday season to be an off-peak time to sell. But the idea that houses don’t sell in November and December comes from outdated historical trends.
In fact, several studies show that, on average, homes listed during this time are more likely to sell, sell more quickly, and sell closer to the asking price. November, in particular, has some unique advantages that make it an ideal time to sell. Here are three reasons why November might be the best time to sell your home.
The idea that homes sell best in spring and summer stems from the fact that parents want to wait until summer to move school-aged children. But today, more than half of buyers aren’t married, so their decisions aren’t necessarily based on kids’ schedules.
If buyers are looking for a home in November, they’ve either waited through the busy season in hopes of a better deal, or they’re facing their own time constraints due to work changes or other reasons. For these highly motivated buyers, the traditional barriers to winter house-hunting — bad weather, short days, holiday preparations — don’t apply. If your house is available for them to view in November, these buyers are more likely to make an offer close to listing price.
Because of the misconceptions about selling during winter, it’s true that many sellers don’t think it’s worth their time to try and sell their homes toward the end of the year, so they take their homes off the market. Their loss of a potential buyer is your gain!
Serious buyers have fewer homes to choose from over the holidays. That means less competition for you — and more buyers checking out your even more desirable home, either online or in person.