Are you thinking about selling your house? If so, you are probably hearing advice telling you to wait until the spring or until the market turns around or to beware of new Government policies which will make it harder. Deciding to sell is a big decision and there are a lot of factors to weigh.
What market factors should sellers review for before listing?
Don’t Rule out the Winter
Yes, the GTA real estate market does heat up in the spring but there is much more inventory. This spring and summer market is more competitive and you might even find that many of your neighbours also waited until the snow melted to list their home.
The winter will give you a smaller pool of buyers but those buyers will have fewer options. Be sure to invest the time or money to shovel your driveway and to winterproof your windows, if listing during the colder months.
The Current Market
The best indicator as to whether you should sell or not is the market. The issue is that the market is open to interpretation and can be difficult to forecast. Sellers need to look at the market locally and review recent sales of similar properties to determine if the circumstances lend themselves to a larger pool of buyers and a potential bidding war.
The best strategy is to speak with an agent who has sold multiple homes in your area within the last 12 months. They will have the best insight as to whether you should list or wait.
Policies and Interest Rates
How the Federal, Provincial and Municipal Governments in addition to The Bank of Canada intervene in the housing market can have an enormous impact on the sale of your home. Whether it’s the affordable housing act or an interest rate increase or a stress test, measures are often put in place to cool or warm a market.
You need to be aware of the overall state of the market to make an informed choice about if the time is right to sell your house.