Is there a guaranteed best time to list and sell your home?
Most realtors will tell you that spring is the best time and May is the best month. But it may not be the best month for you.
While on average, Toronto homes sell for significantly higher in May than they do in any other month. However, profit is only one factor. Your situation is unique. So you’ll want to take other variables into account.
I think that those who are thinking of selling should do so once they have found their new residence
A consideration, for example, is whether you have a new home to move into yet. In a Real Estate Roundtable, chief economist of Dominion Lending Centres Dr. Sherry Cooper says “I think that those who are thinking of selling should do so once they have found their new residence”.
According to Dr. Cooper, it’s advisable to “scout out the options before you list” because your house might sell immediately. You just can’t predict how long it will take. Being caught in transition with two residences to pay for is no fun. More than that, it’s a hardship for most of us. That’s why it’s best to know your options before you list.
6 questions to help you decide when to sell your house in Toronto
Q. Do you have kids?
While disrupting their school year isn’t ideal, you might need to move now, regardless of month. Are you expecting another baby? Or, at the other end of the spectrum, has your last child just moved out? Whether up- or downsizing, your home should suit your needs.
Maybe. School’s out. Gardens and foliage enhance your home in Spring, giving it visual appeal. Also…warmer temperatures bring people back outside.
Q. Do you need to sell when interest rates are low?
Buyers, including you if you’re planning to buy a new home, will want to lock a low interest rate into a fixed mortgage. Then the new mortgage rates will be comparable to your current one so that you’re within your budget.
Q. How can knowledge of demographics help?
You can predict who your buyers might be and determine what kind of properties are in demand. We know, for example, that Boomers have started retiring. They might wish to downsize or move out of areas that were perfect for a growing family to neighbourhoods where they can walk to shops and restaurants.
Q. Is the current economy up or down?
When the economy is slow, the real estate market traditionally is, too.
Q. Can you afford to move now?
Dave Ramsey, American businessman and author, advises to make sure you’re out of bank debt. That way you’ll have equity on your side. Ramsey suggests keeping your monthly payment to 25% or less of your take-home pay on a 15-year fixed-rate mortgage.
The bottom line is that you should avoid cookie cutter answers to the question Is there a guaranteed best time to sell your house in Toronto. Everyone with a home to list has a unique situation. The month of May might be best for some people, but not necessarily for you. The way to determine your best time to list is to answer the above questions. Then weigh the pros and cons for listing your home now.
To have a friendly chat and get more insight on how to decide when to sell your home in Toronto, call Lea Barclay at 416-834-3688 now.