Personal Motivation

Your personal motivation to sell is a very important factor when it comes to getting the best price for your home. In fact, it’s unfortunately the number one non-market factor that can negatively impact the amount of money you can expect. Why? Because buyer’s agents are incredibly good at sniffing out motivated sellers who tend to snap up the first reasonable offer they see. If you’re personally motivated to sell it can cost you big bucks, especially in emotional situations such as illness, divorce, the death of a partner, financial duress, etc. where you don’t have the luxury or energy to negotiate. 

What to do

When you just want to get the property off your hands and move on, be sure you have a strong real estate team in your corner (like us!) who will price your home effectively and negotiate aggressively to protect you against low ball offers without jeopardizing a quick, fair sale.

Read more selling articles right here:

• Should You Sell Your Home As-Is?
• What to Know About Selling a Vacant Home
• 5 Ways to Keep Your Toronto Realtor Accountable

Supply and Demand

Simply put, when there are more homes for sale than there are buyers (too much supply and not enough demand), then prices will decrease resulting in a buyer’s market until the demand equals the supply. Conversely, if there are more buyers than homes (limited supply and high demand) then prices will rise resulting in a seller’s market until the demand begins to fall and equals the supply. 

What to do

Obviously, you want to list when there’s a seller’s market. The problem is, timing the sale of your home for a seller’s market doesn’t always work out. Inventory surpluses can last for years, (as can low inventory markets) so if you’re currently in a buyer’s market and you really want to sell, the more important considerations are a) your home equity and b) how waiting the market out will impact your life plans. 

Can staging your home really affect the sales price? Read more here.

Time of Year

Typically, the busiest times of year for real estate are in the spring and fall. But that doesn’t necessarily mean you should wait until then to sell your home to get the most money as you’ll also have the most competition from other sellers during these periods. 

That said, statistics wise, homes do see higher offers March through June with premiums tapering off by October. This is likely because there are less people around in the summer as many are on vacation or spending time at the cottage, so your home might sit on the market longer if you list after May/June. Also, ideally, families want to move from their old home in the summer when the school year ends and into their new home before the new school year begins, so they tend to shop in the spring. 

What to do

When it comes to the time of year, it’s important to consider how the pros and cons of listing during the high season applies to your specific situation:

Pros

• Although there will be more listings, there will also be more buyers  
• If your home shows very well, you’ll still have a competitive edge that could help drive your price higher
• The weather is better in the spring and fall than in the winter so more people are out and about
• Spring and fall are less busy, which makes it more convenient for you to sell 
• Spring has longer days which makes home viewing more accessible

Cons

• If your home is in a less desirable area, or doesn’t show as well, the competition might drive your price down even further
• Buyers are hyper aware of minor issues when inventory is high which can lead to lower offers or worse, take your home out of the running
• If you list in the fall, the days are shorter, which means you have less opportunity for viewings
• You miss out on motivated buyers who have a specific reason for shopping in the winter and are willing to pay top dollar when inventory is low! 

Opportunity Knocks

The real estate market can present unexpected opportunities you can’t refuse. That might include real estate agents chomping at the bit to list your high demand home (careful here, be sure they are trustworthy and have proof of buyers!), or that dream house you’ve been eyeing for years just came on the market and you can’t resist putting in an offer.

What to do

Crunch the numbers, then answer that door! 

So, when is the right time to sell your property? While all the above factors are important, the bottom line is that it’s your current situation that determines whether you have the luxury to consider those factors or not! 

If you’re thinking of selling, call The Christine Cowern Team at 416.291.7372 or email us at hello@christinecowern.com with questions or to set up a call to discuss ways to maximize your return. We’d love to work with you!