Once you've made the decision to sell your home, you probably want to complete the process as soon as possible, but you also want to sell for the highest price you can obtain.
Cycles in the market driven by the overall economy can create a shortage of homes or a surplus of homes. “In a 'seller's market', where many buyers are competing for relatively few homes, speed and top price can go hand-in-hand,” explains Ray Ferris, president of the Ontario Real Estate Association. “However, in a 'buyer's market', when buyers can take their time to choose among several properties, you may discover there is a trade-off between speed and price. Discuss your specific requirements with your Realtor, who can help you decide upon an asking price that will also help meet your timing requirements.”
Economic fluctuations can be national in scope or affect only certain pockets of the country. Changing interest rates also influence real estate market cycles.
“Staying aware of the things that influence the cycles in real estate will help you decide when to place your house on the market and how to price it realistically,” says Ferris. “If you don't have time to follow the market, a Realtor can always give you up-to-date information and advice.”
Seasons and the weather can also affect buyer demand. For example, fewer buyers may be willing to tread through snow to look at homes for sale during winter months, but there may also be less competition between sellers with fewer houses on the market. Conversely, spring tends to be an active time for real estate sales. Homes and gardens start looking good again and buyers come out of hibernation. Buying in spring appeals to parents because they can move into their new home during summer and settle in before the next school year begins.
“Homes are sold throughout the year, so think of the season as only one factor in determining when you'll put your house on the market,” suggests Ferris.
More information is available at www.wedothehomework.ca.
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