Whether you need to sell your home because of a relocation or change in lifestyle, or you want to buy a house in a nicer community (like Markham!), it helps to know when is the best time to get the best deal.
Sellers in Markham’s hot real estate market want to know when prices will be highest because that will give them more capital to invest in their new home and/or their retirement. Of course buyers are on the other end of the spectrum, wanting to know when prices will be lowest so they can buy a nicer home for their money or get into a better neighbourhood.
With those conflicting priorities, it’s no surprise that the best time to sell a home is not the same as the best time to buy one.
Buyers Need to Bundle Up
January is traditionally the slowest month for home sales in Markham. In 2015, the number of homes sold in January was 70% fewer than the number of homes sold in May, the highest sales month of the year.
What does that mean for home buyers? The best month to make an offer on a house is January because there is less buying competition. Fewer buyers shop for homes when the weather’s cold, which also means less chance of bidding wars breaking out for the home you want.
Sellers are usually list in the spring when their homes show better and when there are more buyers in the market. So if they have listed in winter, they may be more motivated to sell. Even something like Christmas credit card bills can force sellers into the market sooner than they would like and they may be less willing to hold out for a higher offer.
Sellers: When the Flowers Bloom So Does the Real Estate Market
The best time to sell your home is late spring. May and June are traditionally the months when most homes are sold. The advantages for sellers to wait until then are obvious. With more buyers in the market, there will be more demand for their homes, which can drive up sale prices and reduce the time it takes to sell the home. Yes, there are more homes on the market too, but buyers have been waiting for the warm weather to start house-hunting and the pent-up demand outweighs the increase in supply.
Here are a couple more tips for the best times to buy or sell a home:
The best day of the week to list your home is Thursday, so that it’s available for showings and open houses on Saturday, which is the most important day of the week for real estate sales. Your home will only have been on the market for a couple of days and the fewer days a home is on the market, the more attractive it is to buyers.
The first Tuesday of the month is the best day to make an offer on a home. If the seller still has a mortgage, he or she would have just made a payment. The homeowner doesn’t want to keep writing mortgage cheques, so there’s more motivation to get the house sold.
No matter when you decide to buy or sell a home, it’s important to do your research, get a clear idea of your finances and find the right real estate agent to get you the best deal.