As we start our way into 2017 and finally come out of our Holiday hangovers, we would like to touch on a subject which often has divided opinions, whether to list your property in the winter or wait it out until the spring? When is the best time to sell? Condo Pro Marc Ronne offered some insight on this topic.
What’s the difference between selling in the spring or winter?
Now each of these strategies can have their Pros and Cons. But let us preface this advice firstly by saying it is very dependent on what type of market you are selling in, whether it be a buyer’s market or seller’s. In previous years in Toronto, we have seen that real estate trends show a slowdown during the month of December, but then steadily start to pick up again throughout the winter months and into the spring. But these days, with a fiercely competitive seller’s market, we are seeing less and less of a slowdown . . . if any at all!
With that said, here is why we believe in the current market, you should NOT wait until spring to list your property. Instead, prepare your condo now and get ready to list any time after New Year’s Day has rolled on by.
Marc Ronne says, “I know what you are thinking . . . spring time is the strongest time of year for the market, and properties show best when buyers are most active. Yes, while most of that is true, those same reasons can actually hurt you.”
Why selling in the winter can be a better move
1) Most people have the same thought process: list at the strongest time of the year, which is springtime. But that means you will have much more competition. Wouldn’t you rather have 200 buyers competing for your property and a few others, rather than have to compete with the wave of listings that will enter the market in the first few months of spring? We have extremely low inventory levels in Toronto, so listing earlier means you’ll get more people competing on your condo to get you the maximum amount of return.
2) As we mentioned earlier, the trend of a market slowdown occurs in the month of December and after that the market starts ramping up again. So, if you list your condo for sale in the winter, you are still exposing your property to very savvy and highly motivated buyers. Make it easier on yourself!
3) Strike while the iron is RED HOT! Interest rates have never been this low. But that can change at any point, which may slow down the market and in turn command less of a premium for your condo. Don’t take the risk to wait for warmer months. Buyers are thinking the same way with appreciation of properties going up monthly, they want to get in as soon as possible.
* Market report graph data as of Jan 3, 2017