"I'd like to wait for the spring market"
It's a common belief that the only time to sell a property is during the hot spring market. I'd like to take a few minutes to analyze this notion and I recommend you read along for a minute or two... it could save you some money.
There is no doubt about it... more properties are generally sold in the spring then most other times throughout the year. The graph shows the number of units sold and listed throughout the last 12 months in the Woodstock and District Real Estate Board. Blue is the number of sales and red is the number of listings. As you can clearly see, there are more properties sold during the hot spring market [April and May] then there are in say December. About double actually. So, clearly at first glance, why wouldn't one wait until spring to sell. Look again...
While the number of sales were nearly double, the number of listings were well more then double in both April and May then they were in December. This to me is just as important, if not more crucial to look at. You see, all markets are based on supply and demand. In the spring, new properties hit the market hourly while in the winter months it isn't quite as quick. In the spring a potential buyer for your property has 10 to choose from that all meet their needs. In the winter, statistics say that they will have at least half of that number.
What does this mean to you?
Simply put, it improves your negotiating and selling position to be on the right side of the supply vs. demand equilibrium. For sellers its better to have more buyers then properties as you have more control during negotiations. In this situation the buyer is the one with something to lose. In the spring, a buyer may come knocking and want your house but also realizes that he or she has options, meaning that if the price isn't right they can go down the street to the other one that was just listed and try their luck there.
Moreover, one must always consider the ramifications of waiting. If for example, mortgage rates went up in March [as discussed in my most recent post: Mortgage Rates: Up, down or sideways] your homes value could take a significant hit because it would simply cost buyers more to own your property then it does today.
Have you had any thoughts of selling?
It never hurts to have a conversation..... see what the value of your homes is today so that you can make an informed decision about your future.
Give me a call [519-532-2210] or shoot me an email [firstname.lastname@example.org]
Next post: Selling in the Winter