One of the most often asked questions we receive from our clients is “When is the best time to list my house for sale?”. Well the answer in the current market is “right around now”. To explain this we consider 3 key factors; the general cyclical patterns of the market, the relevant home inventory available and the current buyer motivation level.
1. Cyclically, the market is most busy in early Spring through to the beginning of Summer and then again in the Fall. During the Spring season, people have got through the often hectic Christmas season and are thinking about making a purchase with a 90-120 day closing so the current school year is completed. Factor 1: ✅
2. The current inventory available for buyers to choose from is historically very low. There is a lack of quality listings and in particular price brackets and neighbourhoods there is nearly nothing available resulting in multiple offers beginning to occur again. Not at the same frenzied state as 2017 but still a great situation for sellers. It is expected however for more properties to come on the market in the coming warmer Spring months as it’s a popular time for sellers to list so supply and demand may begin to balance out. Factor 2: ✅
3. Showing and offer numbers, low number of days on market and purchase prices above or at list all indicate a healthy and motivated cohort of buyers currently active in the market. This can be accredited to a warmer winter, continuing low interest rates, consumer confidence, immigration and a healthy outlook for the real estate market. A new factor also encouraging people to buy is the rising rental rates and lack of rental options. It is making more sense to buy for many then to rent. Factor 3: ✅
With all three factors in ✅ zone, it is our opinion that now is an ideal time to sell if you have been giving it thought. To discuss further or receive a complimentary pricing evaluation of your home, please don’t hesitate to contact us!
Blair & Peter