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Selling a house can be a stressful experience for many Canadians and that process always begins with determining when to list it on the market. The season you choose to list your home can have an impact on how much you make on the sale and how quickly it sells, so it’s important to weigh your options before making any big decisions. Knowledge is power and the more you understand the pros and cons that come with selling in each season, the better you’ll be able to leverage that season to your advantage as a seller.
Picking The Right Time For You To Sell Your House
If you’ve been thinking about selling but aren’t sure if you should, just know that there are plenty of reasons for you to make that decision, and none of them are wrong. A few of the most common reasons why Canadians decide to sell their home include:
Your Life Demands A Change
Whether it’s a job change, the arrival of a new baby, teenagers leaving the nest, a divorce, a medical diagnosis, a new partner or a change in your financial situation, there are plenty of reasons why a life change could be the fuel for you to sell your home. These changes could require more space, less space, a closer proximity to a specific school, a more walkable area, better access to transit or other amenities in a home or neighbourhood that you just don’t currently have.
Home Improvement Projects Are Completed
The last thing you want to do, is list a home before finishing any home improvements you started. Buyers don’t want to pick up where you left off and finish a renovation they may not even like in the first place. If your home improvement projects have all been wrapped up, it may be a good time to consider selling and taking advantage of that added value you’ve created.
Pros And Cons Of Selling During Each Season
There are many pros and cons to consider when determining which season is best to sell your home. Understanding how the real estate market functions in each season, will help you pinpoint the best time to sell your home.
Typically speaking, the best time to list your home for sale in Canada is during the spring. The flowers begin to bloom, the weather changes for the better and buyers come out of hibernation from a long winter of daydreaming and planning for their new homes.
Pros Of Selling In The Spring
– The weather has become more pleasant and the grass and flowers have come to life to brighten up your property and improve your curb appeal. Not to mention there’s less chance of snow and dirt getting tracked through your home so things will look brighter and cleaner all around.
– Selling at this time puts you ahead of the summer rush of properties and means that any interested buyers would have the ability to move at an ideal time of the year in terms of weather. School is just ending around this time as well, so any buyers with kids don’t have to worry about interrupting a new school year to move their children elsewhere.
– As a bonus, tax refunds come in around this time of the year, so buyers may find themselves finally reaching their savings goals and feeling confident they can purchase something new and manage any repairs or renovations that come along with it.
Cons Of Selling In The Spring
– Spring weather can be notoriously dicey and isn’t always picture-perfect as we hope it’ll be, especially at the start. Rain, snow and mud can add a new level of inconvenience for buyers who may not want to make the trek around to look at homes in not-so-ideal weather.
– Since spring is the season that’s typically promoted as the best time to sell your home, it’s often when there’s the most competition on the market. Keep this in mind if your home is imperfect or has any issues you can’t afford to fix yourself, as this could make it difficult for your property to compete with others listed on the market simultaneously.
– If you have kids and your home sells quickly, you may have to pull them out of school to move, so keep that in mind if them finishing the school year in their current location is important to you.
There’s nothing quite like a Canadian summer! Warm weather, lots of sunshine and plenty of reasons you may consider listing your home for sale.
Pros Of Selling In The Summer
– The weather is typically much more predictable and this season also brings with it much more daylight, so you have ample time to schedule showings.
– It’s likely that any buyers with kids will have a sense of urgency to get their family moved and settled into a new home with time to spare before the school year begins.
– After the bustling spring season, the real estate market will have much more data for you to review, assess and implement to your advantage when it comes to pricing your home strategically.
– Many people tend to have more flexible hours in the summer with vacations and are more likely to venture out later in the evening look at houses, thanks to the extended daylight and nicer weather.
Cons Of Selling In The Summer
– The weather can be excruciatingly hot and humid at certain points in the summer, which can make it unpleasant to house hunt or leave your house (and air conditioning) at all.
– Real estate agents, contractors, landscapers and other professionals are typically very busy at this time of the year so it can be harder to get a hold of the people you need to spruce up or sell your property.
– Since summer is peak time for vacations, many people may be travelling and not out looking at homes in your area.
– In areas where summer is the prime selling season, competition can get heated with buyers demanding more concessions and specific features.
– If you’re constantly ensuring your home is show-ready in the summer, you’ll likely have a much higher air conditioning bill, be working outside frequently to keep your curb appeal in tip-top shape and if you have a pool, you may be forced to use it less since you’ll always want it looking its best for showings.
If you live in an area that’s unusually hot in the spring and summer or falls smack dab in the middle of a tornado season hotspot, you may find that fall is a great time to sell your home.
Pros Of Selling In The Fall
– There are less homes for sale at this time of the year, especially when it comes to family-friendly homes.
– Any serious buyers who didn’t find what they were looking for earlier in the year may be motivated to buy and close before the holiday season.
– It becomes more affordable to fix up your home and the professionals you’ll need to do the job are easier to access once their busiest season has ended.
– Fall foliage and decor can do wonders to transform a property so incorporating that into your listing photos can help your home stand out from the rest.
Cons Of Selling In The Fall
– If there’s less competition in the market, you may find buyers getting more picky or demanding.
– In some areas where fall foliage isn’t apparent, curb appeal may disappear as trees shed their leaves, flowers die off and grass becomes brown.
– Selling your home during the fall means the temperatures will drop outside so you’ll need to keep it cozy and warm inside. As a result, you’re likely to have a higher heating bill and will probably find yourself raking leaves and landscaping constantly to ensure your curb appeal remains.
Winter, especially around the holidays, is typically a slow time of the year for home sales. People are often busy with social gatherings/events and are sometimes deterred from doing much else because of winter weather.
Pros Of Selling In The Winter
– You’re likely to encounter some highly motivated buyers who are looking to close before the end of the year so they can claim any applicable tax rebates.
– With fewer homes on the market, you’ll have less competition.
– Using the holiday season to your benefit and decorating tastefully, you can help buyers envision themselves celebrating holidays in your home with family and friends.
– Snow can hide a multitude of sins and will likely cover up any imperfections or less than appealing features in your yard.
– Real estate agents who are looking to end the year strong may go above and beyond to get your home sold fast.
Cons Of Selling In The Winter
– At this time of the year, many buyers may be looking for a good deal and preying on the sellers’ desperation to close the deal.
– Many people are focused on the holidays and aren’t interested in venturing outside in the cold to look for homes at this time of the year.
– Moving after you sell your current home in the winter can be difficult because of the holidays and the fact that January and February are typically the coldest months.
– If a home inspection reveals that you need to make an improvement or upgrade, it’s typically the worst time of the year to get those tasks done due to the snow and frigid temperatures.
– Showing your home around or through the holidays can be difficult with busy social schedules and family traditions.
There is no right or wrong time to sell a home in Canada, but there are definitely times when the odds are more in your favour than others. You can still successfully sell a home off season, you just need to be prepared for what obstacles that season may bring along with it. Thinking about selling your home but aren’t sure how to move forward? Take the next step by reaching out to our team at Rocket Mortgage!