Real-estate confusion: How do I know when is best to sell my house?

The short answer would be: "Sell when the time is right FOR YOU"

Having said that, the real estate market really does heat up in the spring months. In 2012, a wave of new listings hit the market between March and June, representing nearly 46 per cent of all homes sold in the GTA for the year (TREB Statistics).

Spring is certainly the best time to sell or buy for many clients. It’s a time of renewal and change in general, and it’s simply the most practical time for many too. Buying in the spring allows for a closing date early in the summertime, aligning with school and work breaks that make moving easier. It’s a key factor for clients who don’t want their kids to switch schools in the middle of the year.

But the past five years have seen unprecedented growth in Toronto’s real estate values, and especially heavy competition for the properties available in the spring. That translates into pent-up demand from buyers who simply haven't been successful in securing a new home in the spring market – whether because of high pricing, bidding wars or just plain exhaustion.

For sellers, this means growing demand for homes across the seasons, and especially after the spring rush.

As a seller, you may not get a bidding war in the middle December and you may not sell for maximum dollar in August... but you'll likely not pay maximum dollar either if, like most people, your buying a new place after you sell your own home. The average home price in GTA in December was $478,700, compared to the peak of $515,869 in April of last year.

Lesson learned: It’s perfectly possible to sell outside the spring season and acquire a new home at the right price too. But what mattered the most was that the timing had to make sense for the client. There are peak sales seasons sure, but what fits you and your family should always be your decision driver, not the traditional sales season.

Source: Globe & Mail

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Jorge Branca

Jorge Branca

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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