There is a common misconception that the best time for anyone to sell their home in Toronto is in the spring. We’ve put together the following information, to show you how you can maximize your sale price by acting sooner, rather than later.
Reason #1: Less competition. The winter months are traditionally slower times for new listings. April through June usually sees an increase of up to 70% in the number of new homes hitting the market! This means more choice for buyers and more competition for you. The more properties prospective purchasers have to choose from, the less likely they are to submit full price offers. Lower inventory also means a greater likelihood of competing offers, resulting in a higher sales price, and a higher net return on your sale.
Reason #2: Only serious buyers look at this time of year. Winter months have a tendency to weed out the lookers from the serious buyers. People who are ready and willing to move don’t care if there is snow on the ground or that it gets dark early. They have made a decision to move and they want to move now.
Reason #3: Mortgage Interest rates are predicted to rise in 2012, quarter by quarter over the year. Buyers are anxious to get settled before any possible rate increases occur. Increases in rates decrease the amount of mortgage a family can afford, cutting them out of certain price ranges. Buyers will be looking to maximize their purchasing power early in the year.
Reason #4: Relocation is at its highest at this time of year. Companies are anxious to get new employees settled for the beginning of the year. Statistically, corporate relocations rise by up to 15% from November to March.
Reason #5: Current market stability. Right now, the market is perceived as stable, leading to greater consumer confidence. In contrast, many economists are predicting that increased economic instability in the U.S may finally begin to have an impact in Canada, with a 5% reduction in sale prices being widely discussed by end of fiscal 2012.
Reason #6: The perfect gift to yourself – a new home. Start your year off the best possible way – in a new home for yourself and your family. By the time everyone else decides to list their home for sale, you will be moved in to a new comfortable space.
