Timing Is everything
Timing Is everything
When spring rolls around real estate listing signs start popping up like mushrooms. Suddenly the property market comes alive and REALTORS® jump to a more hectic pace focused on their buyers and sellers. The weather is warming and spring gardens are colourfully flourishing. There is an excitement in the air – inspiration enough to get out and about and see what properties have come on to the market that might suit your families’ wish list. A number of variants will determine timing and your decision to either list your property or look to purchase one.
Most young families will choose to list or purchase in the spring to be assured their school age going children are settled into new neighbourhoods mostly before the summer, and before the new school year in early September. Business executives or military personnel might be relocated for the same reason. Listing in the summer or winter might limit your exposure to the greater buying market when families have their attention towards other realms of life. And whether you are a seller or buyer, you might prefer to move your family in the season of the year that supports the physical moving process. Spring might just make good sense.
The truth is – after the excitement of spring with summer typically a “time-off” period for family and other projects – fall is the next best season to list or purchase a home. Remember that the spring rush of numerous listings in your neighbourhood will create more competition for your property. There are two possible outcomes affecting buyers and sellers accordingly; spring buyers will compete for the best houses that come on to the market – keeping prices at a premium, or an overflow of inventory allows buyers to take time and enjoy the range of choice. For this reason you could consider your options carefully before deciding on when you wish to list your property if you are not tied down to any family considerations.
Your REALTOR® will also point to the fact that perhaps the size and price point of your home may not be an issue regarding timing and attracting the right buyer. REALTORS® may discuss with you the preparation details of listing your home, their selling strategies, and the ease of capturing eager buyers if you are thinking of selling at the most opportune time. Expensive homes call for different considerations; as do holiday homes. Sellers will be looking for that one right buyer who will afford their home. That one buyer might be looking regardless of the season. And first time buyers could potentially be on the look out for a small home and may not have any time constraints. Condos and townhomes may have their own considerations in the current marketplace.
Realistically there might be times when you have no choice to make the change, nor the time or season for your listing or your purchase.
Focus on the current market and property trends is important:
- Who does the real estate market currently favour – buyers or sellers?
- What is the short and/or long-term forecast for the market?
- What are comparable homes selling for in your neighbourhood or the neighbourhood you are looking to buy in?
- Is the inventory of homes at a premium or a low?
- How much competition is there on your street?
- Which bracket does your home fall in to?
- Which demographic will be interested in your home?
- Are your families’ needs governed by certain priorities?
- Is there a rebate for first time buyers? Is there an expiry date?
- Is the season you move a consideration?
What does your REALTOR® suggest?
Will buying or selling in the fall season maximize the potential for your wish list? Discuss all your primary considerations, concerns, needs and requirements with your REALTOR®. They will bring you up to speed with what is happening in the market and how that will impact the sale of your home, and/or your next home purchase. The real estate market fluctuates and changes from year to year. There are no hard and fast rules. Make sure you proceed by planning strategically and accordingly to get the most out of your real estate experience.