by Kent Braaten
on Tuesday, February 11th, 2020 at 12:00pm.
Hands down, one of the number one questions I get asked as a REALTOR® is, “When is the best time to sell my house?” The trouble with answering that question, though, is that the “best time” can vary quite significantly from family to family. However, if we are looking purely from a perspective of how the market is doing, here are some of the pros and cons to selling at different times of the year:
Selling Your Home in Winter
Winter is traditionally thought of as the worst time to sell your house, with less demand in the market. Typically, with more homes for sale than buyers looking, properties tend to sit on the market for longer, and those buyers that are in the market may be looking to take advantage of the slow season for a better price, meaning a lower fetching price for you as a seller. Not to mention, with the days at their shortest and coldest, the appeal of moving is far less attractive, not just for buyers, but for you, too!
However, there are a few pros to selling your home in winter! Buyers who are looking to take advantage of tax breaks before the end of the year may be more incentivized to move quickly. And with fewer new listings coming up on a regular basis, the more exposure your property might see! You might also be able to take advantage of “relocation movers”, who are usually most active from December to February.
Selling Your Home in Spring
In most real estate markets, including Saskatoon, spring is regarded as the best time to list and sell your home. Properties listed in this season can sell up to 2 weeks faster than in the winter market, while also selling for about 5% more, making it a very lucrative time for sellers to make their move. So... why?
Well, with tax refunds being issued at the top of the season, buyers usually have that extra financial boost they need to get pre-approved for a mortgage and make a move in the market. And the warmer weather and longer days have fewer people trapped indoors. They begin to start looking forward to the summer and the changes that come with it, including a new home; and with kids finishing up school for the year, they won’t have to worry about disrupting their education!
As perfect as it may sound to a seller, though, spring can also be a tough time to sell if other sellers are seeing the intrigue, as well. With more competition, it can be hard to stand out in the crowd to potential buyers. But with the help of a skilled and experienced local REALTOR® with a carefully crafted real estate marketing plan, you shouldn’t have much trouble selling in the spring.
Selling Your Home in the Summer
Summer is the time when most of us are looking to rest and relax, not stress about finding a home. And this vacation mindset can take buyers out of the market as they fill their weekends and evenings with backyard barbecues and trips to the beach instead of at showings and open houses. Not to mention, with the kids out of school for the season, it can be harder to keep the house clean and presentable for showings, and you can often lose out on the midday flexibility you typically have during the work week.
However, all that being said, summer can often be a great time to sell to buyers who may be looking to get settled into a new home before the school year starts. And that urgency can often bring with it more competitive offers to make the move quickly. Plus, we have the added daylight hours that allow for more flexibility with showings in the evenings for professionals.
Selling Your Home in Fall
As everyone settles back into the rhythm of work and school in the fall, the market tends to slow. Homes start to sit on the market for longer and the shorter, chillier days have buyers once again thinking of hibernating in their own home, rather than making the move to a new one. Curb appeal can also be much harder to maintain, as the falling leaves need to be raked up regularly to keep a tidy appearance at first glance.
But, here in Saskatoon, fall has often been a surprisingly great time for real estate! While falling leaves may be more trouble to keep up with, the changing colours in the landscape add a warm ambiance that can boost up curb appeal. And with less demand for home repair and renovation professionals, the cost to get any necessary work done to a new home is lower! Buyers also tend to feel the pressure of the upcoming holiday season and are looking to be settled into their new home before that time.
As you can see, no matter the time of year, there are always pros and cons when it comes to selling your home. So, really, there is no perfect time! When considering whether or not to sell your house, you shouldn’t just be looking at how the local real estate market is performing. You also need to take into account your financial and lifestyle needs, too. And if you’re not sure when the perfect time might be for you, your local real estate agent will be more than happy to help you figure it out, so you can make the best choice that works for you!