As a realtor with years of experience, me and my team get asked quite a bit when is it a good time to sell a home. When we get this question, it reveals a few key details about the prospective seller…that they have outgrown their home; or the opposite and wish to downsize. It could also mean that the seller wants to sell his home for top dollar. So when we get asked that question, we typically answer with…The best time is often when the demand is high and the supply is low.
This is a pretty simple and straightforward answer, as the state of the market dictates when the best time is. When many families are looking for a home and there are few houses on the market for sale, there will inevitably be competition for houses that may even spark a bidding war. Similar to what’s been happening in the Toronto and Vancouver markets in recent years. This is called a seller’s market, and the sell has the ability to call all the shots.
On the other side, a buyer’s market is when there are few buyers and an abundance of sellers. This causes seller to compete for buyers and for prices to go down, at which time the buyers call the shots. To learn more about your area, search the internet for real estate stats in your city to learn whether it’s a buyers or sellers market. Or alternatively, you can seek out a local, experienced real estate agent to give you some guidance.
Wanting to make a nice profit on your home is a great reason to sell it…but it may not be your only reason. Is it that you want to live closer to family? Or do you want to chase better job opportunities elsewhere? Do you want to move your kids to a better school? Ask yourself what the most important reason is for selling your home, and make sure you do it when the time is right and the market is working in your favour.
Another thing to ask yourself is if you’re physically, mentally and emotionally ready to move out now and to move into a new community, especially if you’ve lived in your present home for a long time. Making the decision to move and then actually doing it are two different things, one can’t happen without the other – but both are very stressful processes. If this is the decision you wish to go with, make sure you are mentally prepared.
Selling your home is a life-changing decision, so don’t make the choice lightly. Work with an experienced agent so you get in when the time is right and most profitable to you. However, in the end, it's YOU who should determine when's the best time to buy or sell your home!