We are currently in a seller’s market, so if you are considering selling your house, it could be just the right time to do so. But maybe you are not ready to sell right now, maybe you need some improvements before you list the home. Even so, when should you list your home for sale?
We have seen the housing market in Vancouver constantly in a state of flux. We’ve seen high supply and little demand prompting a drop in price, and more recently we have seen a market with more buyers than sellers, causing bidding to escalate prices.
When you are selling, you want to list your property at the right time of year. You don’t want your house to sit too long on the market, and you definitely want it to go for a great price.
The Importance of Timing for Home Sales
Here are some of the things people consider before buying. This data reflects previous home sales.
- Convenience – homeowners tend to be more eager to buy when the weather conditions are pleasant.
- Competition – If you don’t have a lot of listing competition, you can list your home at a higher price.
- Interest rates – When interest rates are lower, chances are you will have a larger buyer’s pool.
Timing is definitely everything, and with the housing market, time of year is very important. The housing market sale price can be affected by seasonality as much as 10%.
The Best Time of Year to Sell
The best time to sell houses is during the early spring or early fall. Selling during spring is very advantageous. People start looking for homes in spring, in the hopes of moving in by or during summer. Then, in the fall, the rush of summer is over and there are fewer competing listings.
The weather is pleasant in both spring and fall, giving you a prime opportunity to list your home. The temperatures are not too cold nor too hot for moving in and doing initial yardwork. But you can still sell your home in the winter. It likely will take longer to finalize a sale, since people are less likely to move when it’s cold outside. Families with school aged children may find it difficult to move in the middle of the school year.
Many people believe the summer is the best time to sell, but this is usually a very competitive time. In Vancouver, it is typically in the summer that sellers list their homes.
When you decide when to list your home, what is your next step? Will you be looking for your next home or are you considering building? If your answer to the latter is yes, give us a call. We are in the business of building homes from the ground up specifically to meet your needs.