Seasonability in Real Estate
“Should I wait until the spring to put my house on the market”?
This is a very common question I get this time of year, as the leaves fall and we start anxiously awaiting the first snowfall in the Edmonton area. Selling a home is always a difficult decision and people decide to sell their home for many different reasons. Some are upsizing, others are downsizing, some are moving to a different city or province while others are moving from another province.
One key goal for everyone is to get the best price possible for their home. One opinion that has persisted through the years is that prices go down in the fall and winter and come back up during spring and summer markets.
What if I told you that is not the case at all, or at the very least, not the extent that people think. The value of your home is determined by many factors not the least of which is supply and demand. If most people think the same way and hold off until the spring to put their house on the market, what does that mean for people who do put their home on the market?
It means there is less competition, and less competition means that buyers can’t come with an offer and say “take it or we’ll buy the home down the street from you”. You will be in a stronger position.
“Are there going to be buyers looking to buy when there is snow on the ground”?
This is another question I get from concerned sellers trying to decide when to put their home on the market. There is a very short and to the point answer to this concern. Most people shortlist properties they will visit online and then visit only the homes they are interested in. This means that snow and inclement weather plays a much smaller role than most people realize. Back in the day when people had to visit every house to have an idea of what it looked like weather and winter season would play a role, but not anymore.
There is one very simple truth in real estate, whether you are buying or selling, and it states that the best time to do anything is yesterday and the next best time is now.