What is the Best Season to Buy or Sell a Home?
There are lots of factors that influence how much a home sells for or how quickly. Location, school district, and upgrades all matter, but did you know the time of year also plays a big part? What seasons it is can play a crucial role in real estate. So what is the best season to buy or sell a home in?
Even in Toronto’s red hot market, season plays a crucial role. There are natural highs and lows based on seasonal factors. There are pros and cons to each season, but our real estate agents will explain a bit more.
People often think summer is a popular time in real estate, but things tend to be a bit slower. Buyers and sellers alike are often away on vacation, enjoying the warm weather, or busy with kids out of school.
Don’t underestimate the school year though. Parents with kids in schools will be eager to get settled in a new home before the school year starts, especially if that means changing school districts. As a seller, if you’re located in a good school district our real estate agents recommend pushing that point to families.
Real estate tends to pick up in the fall months. People are more settled after the summer activity and are eager to get settled before winter sets in. The number of listings and sales tends to peak around September and October.
Don’t forget about the holidays though. Between Halloween and Thanksgiving, there is usually a rush for quick closes this time of year. Both buyers and sellers want to be settled before the holiday season begins.
The winter slump is a very real thing in real estate. Toronto’s real estate market slowed down considerably this January. The winter months are not only miserable in terms of weather, but also bring on financial stress with taxes and holidays.
However, because people know spring is a popular time. This means that buyers may want to buy to beat the rush. If buyers are ready to list they should consider doing so to capitalize on these buyers.
Spring is historically known for being great for real estate. The number of listings peaks in May, with a high number of sales following in the months after. Spring is by far the most popular time for housing activity. Buyers come out of hibernation itching to move into a new home by summer.
While more buyers and more choices is a good thing, there are some drawbacks. With more homes on the market, buyers have more choices. On the flip side, there are more people looking so if a buyer falls in love with a house they may end up paying more.
Overall, spring and fall tend to be the best seasons for real estate. That doesn’t mean buyers and sellers can’t get a great deal in the summer and winter months though. With spring approaching though, be sure to contact one of our Richmond Hill real estate agents today!