Maureen O'Neill TREB PRESIDENT'S COLUMN AS IT APPEARS IN THE TORONTO SUN November 28, 2008
While activity in the GTA resale-housing market typically moderates during the winter months, that doesn't necessarily mean it is an inopportune time to sell. Determining the best time to make your next move depends on your motivations.
Many families for example, are motivated to sell during the spring so that their move coincides with the end of the school year. Others are simply motivated by every spring's promise of a fresh start. Properties also show well at this time of the year, as homeowners are able to extend their fix-ups to the outdoors. Sales volumes typically peak during the spring months. Activity in recent years has ranged from approximately 6,600 to 11,000 transactions per month between March and May. Given however, that activity is brisk, this time of the year often demands quick decision-making.
Summer activity in the GTA resale housing market has been comparable to spring sales volumes in recent years. Between June and August approximately 6,300 to 10,000 homes changed hands each month.
This autumn, there are 30 per cent more properties available for sale on the TorontoMLS system than there were a year ago. This further demonstrates that in the GTA, homeowners have begun to view, and rightly so, the real estate market as a year-round business. For buyers, increased listing inventory means more choice and more time for decision-making. Sales have ranged in recent years from approximately 6,200 to 7,900 transactions per month between September and November.
As the winter months approach, activity moderates. Between December and February activity in recent years has ranged from approximately 4,100 to 6,700 transactions per month. This can be good news for buyers who have the opportunity to achieve an attractive purchase price from motivated sellers. For sellers though, there is also a bright spot. Fruitless showings are not the norm, as potential buyers who are looking at this time of the year tend to be serious about purchasing a property.
Regardless of the time of year that you decide to sell, consulting a REALTOR® is key to a successful transaction. In addition to offering advice to help your home look its best, your REALTOR® will help you determine an appropriate listing price to achieve a brisk and profitable transaction.
For more information on market conditions and the many benefits of using a REALTOR® visit www.TorontoRealEstateBoard.com
Maureen O'Neill is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.