As we roll through the holidays and into winter, many would-be sellers will be holding off on listing their home, waiting for the spring “selling season” to put their home on the market. But if you’re ready to sell your home now, is waiting until spring the best strategy? Not according to the data, it isn’t. (Thanks to the folks at redfin for the following US Data, and we dug deeper, we found similiar results across Canada):
Homes listed in winter sell faster: 46 days in winter vs. 55 days in summer
Homes listed in winter are more likely to sell: 59.2% sell in winter vs. 53.1% sell in summer
Homes listed in winter sell closest to their original price: a 2.7% drop from the final price in winter vs. a 5.2% drop from the final price in summer, worth more than $10,000 on a $400,000 home.
Spring wins in one category: Speed. Homes listed in spring sell the fastest, sitting on the market for 15% less time than the median.
Apparently not many sellers are on to this pattern, because winter has twenty percent fewer listings added than the spring. Keep in mind that we’re measuring correlation here, not causation. Listing in the winter won’t guarantee that your home sells faster, for more money, or that it will sell at all. That said, the data does seem to indicate that winter gets a bad rap for no good reason.
When is the best time to sell? When YOU are ready to move. And of course, it depends on the type of property, why you’re moving, and of course where you’re moving to . .. If you are thinking about moving, give us a call, and of our expert team will help you understand what’s happening in YOUR local market, and how to time the move to get the most price for your home, AND minimize stress. We’re homeowners too, and we know first-hand the stress of selling a home and moving.
Simon Giannini is a Broker with Royal LePage Signature in Toronto, Ontario. Simon is also the Author of “Everything You Wanted To Know About Real Estate But Were Afraid To Ask”, “Buy Low, Sell High”, and “Get Rid Of Your Customers”. Simon has over 25 years experience, and is a sought after speaker and trainer for the real estate and mortgage industry. You can check out his BLOG at : www.TheRealEstateCentre.com