Picking the right time in the year to sell your home could get you thousands of dollars more, and many people think that the right time of the year to sell is during the spring.
But is spring the best time to sell your home in Toronto?
Well, unlike the question of whether buying a home in the spring is better, the answer for sellers is a little less complicated. In almost all cases I would say that selling in the spring will get you more money than other times of the year.
One of the main reasons for this, is the fact that sales rise in the spring and summer and decline in the fall and winter months.
Winter Blues Curb Sales
Let’s face it, it is a grind to have to shop for a home during our Canadian winters. It’s cold, windy, there’s snow piled up on the roads, in front of the house, on top of the roof and in the alleyways.
Homes just don’t look as nice when the weather hits hard. If you have lush landscaping or a great backyard, you can't show it off during the winter.
Besides not being fun for buyers to house hunt, the snow and cold also make it difficult for home inspectors to provide buyers with a thorough inspection of the exterior of a home.
Also, people tend to hibernate during the winter, which means you might see a less active stream of prospective buyers if you list your home then.
For all these reasons, you’ll likely need to lower the price of your home or be very patient if you expect to sell in the winter months.
When the Season Changes, So Do Buyer’s Motivations
As the snow melts away, buyers start to shake off their winter blues and begin allowing themselves to consider the possibility of a new home. Because the spring not only brings better weather, but it brings a sense of optimism.
With the improved weather, more daylight, leaves on trees and green grass spread across the lawns, homes just look more attractive and buyers are more inclined to go outside and explore homes for sale.
Another reason why demand increases in the spring is because families with children want to move before their kids go back to school.
Considering that homes take 30-90 days to close after a signed contract, those buyers are flooding the market in early spring to make sure they’re settled in their new homes before the first day of school.
If you’re considering selling, it would be beneficial to get your home ready for the spring market and take advantage of this pent up demand for good homes. If you have a desirable property, you’ll have lots of traffic into your listing and may end up with multiple offers.
The Forecast for the Toronto Spring Market
Buyer have adjusted to the new mortgage requirements and are coming back into the market.
It is expected that we will see moderate growth in 2019 given housing affordability concerns in the GTA, especially as it relates to mortgage qualification standards.
We will see stronger price growth associated with condominium apartments, which have lower average selling prices compared to single detached homes, and inventory will continue to be low as it relates to previous years.
If the housing inventory stays low, it won't be uncommon for sellers to see multiple offers on their property.
Market Statistics 2019
Average Days on Market
Spring Market 2018
Average Days on Market
After the long cold and snowy winter that we just experienced here in Toronto, it is easy to see why buyers would wait for improved weather before they come out of hibernation to start looking at a new home.
As a seller, it is in your best interest to be ready for this boost in market activity. However, make sure that you study your local market conditions and historical trends to determine when the best time for you to get the highest price possible for your home.
If you have questions or comments about your best time to sell, leave me a message below, or book a free seller's consultation with me.