So you have come to a conclusion that you are ready to sell your property but then realize that it's the middle of winter! It's freezing out, snow is covering your beautiful landscaping, your windows have ice build up and frost on them, and your entrance way is littered with winter boots and such. What do you do now? second thoughts?
Over the last few weeks, several of my clients have asked me the question should we sell in the dead of winter or wait until the spring thaw and selling rush? That is a really loaded question similar to should we buy or sell first? The way I see it, there are pros and cons. Here are just a few:
- Sellers need to be more diligent about removing snow and/or ice before a showing for safe access for visitors and to increase curb appeal.
- Traditionally, real estate prices tend to be slightly lower during winter, which may mean a lower selling price
- Your beautiful "soft and hard scaping" will not show under a pile of snow or ice
- Traditionally, there are fewer people out and about with colder temps and snow ridden-ed streets.
- With fewer houses on the market this time of year, you should experience less competition. With less competition, there will be a higher demand for your home...which could mean more money!
- A well staged home has a higher chance of selling closer to the asking price. During winter, a fresh dusting of snow on outside shrubbery and a fireplace crackling in the background can sway buyers during an open house or showing. Buyers can also experience firsthand how well the heating system works in the home.
These are a few valid points and there are many more that can be argued. Ultimately in my opinion, it really comes down to supply and demand and the market conditions. Currently in Toronto, the residential resale market is quite active with Buyers looking yet the supply is low. This will tend to drive your home price a bit higher. If your home is well maintained or is in a thriving location, the winter season shouldn't really have an ill effect on selling...especially in the kind of market we are experiencing in Toronto.
Whether you agree or disagree with my viewpoints or have some pros and cons to add to this list, I would love to hear from you.
Chris La Delfa
Century 21 Parkland Ltd