We have been getting this question a lot lately, from folks who are thinking of selling their home in the coming months.
When is the best time to put my home on the market?
A common misconception is that springtime is always the best time to list. In reality, it depends on a few factors. We often tell homeowners that there are several pros and cons to consider regardless of what time of year it is. 2020 has been an exceptional year to say the least and the local real estate market has certainly followed suit.
The following factors will give you some insight into the advantages of listing now vs waiting for that traditional "hot spring market".
What are the current market conditions in your market?
#1 - Inventory
The Beaconsfield real estate market is still red hot. There are currently only 63 homes for sale in Beaconsfield (as of Nov 12th, 2020) with half of those priced over $1,000,000. During November last year, there were 95 homes available for purchase so pickings are very slim and buyers know it.
#2 - Buyer activity
With multiple offers on nearly all of the well-located and well-priced properties under $1,000,000, buyers are still on the hunt for homes. Interest rates are well under 2% and buyer confidence is stronger than ever. We anticipate this activity to continue right though December. Last year we were writing up offers on Christmas Eve if that gives you any indication.
#3 - Selling Features
Do you have a dream backyard with impressive landscaping and a beautiful in-ground pool? If so, you might want to consider selling in the spring once the pool is open. Especially since pools have now become a major selling feature that buyers are willing to pay a premium for.
If your landscaping looks a little drab, you may want to consider listing in late fall or winter, as it may help draw attention away from the exterior and focus it more on the interior.
In a strong seller’s market, when inventory is low and buyer activity is high, it might make sense to list now rather than jumping in with "everybody else" in the spring. You might benefit greatly from having less competition, meaning buyers may end up fighting over your home, thereby bringing you top dollar.
One other advantage of listing in the fall is that you will likely still be able to negotiate a comfortable move out date in the spring or early summer.
As you can see, it’s not as cut and dry as "sell in the spring" to hit the peak of the market. That might not be the right strategy depending on your situation.
If you’d like some more advice on when would be the best time to list your property, don’t hesitate to reach out. It would be our pleasure to offer you that advice with no absolutely no obligation.
Helping you is what we do!