In such a competitive marketplace, timing can be everything. Listing at the right time can not only save you time, but also thousands of dollars.
Luckily, we've got you covered with all the stats you need to make an informed decision.
Have a look at the above chart. This represents the average days on market of all properties sold in the GTA over a period of two years. Notice a pattern? Now, have a look at this one.
This graph represents the number of homes sold in any given month over a similar period of time. The pattern follows closely. Consistently, the spring reports the lowest days on market and the highest number of sale.
Why? Whats so special about the spring? A number of factors compound to create these market conditions.
1- The weather is beautiful! Who can blame prospective buyers for not wanting to trapes through the snow and cold? But when the thermostat stats to climb, getting out and about is a much more viable option.
2- Summer holidays haven't started yet. Come summer, many prospective buyers are on holiday to cottages, or elsewhere out of the city. Getting in before they head of out town will give you a much larger selection of buyers.
3- Tax returns! With a bit of extra cash in their pockets, purchasing a home can seem to be a more viable option for some.
4- Purchasing a home in April or May means closing before September. While this may not always be the case, its a factor than families take into account. Switching schools mid-semester is a hassle and very disruptive. Being able to negotiate a summer closing date means families with children can be settled by labour day.
Obviously, there are many other factors that have a bearing. Mortgage rates, employment availability,and government policies to name a few. To have a full understanding of when and how much to list your home for have a chat with your realtor and they'll be able to give you an up-to-date and accurate assessment.