Selling your Home this Summer?
We can finally say “goodbye” to sub-zero temperatures, “hello” to sunshine and what is seemingly shaping up to be a beautiful summer. Not only is this a great time to participate in a variety of outdoor activities that we’ve been aching to do all winter, this season is optimal for sellers to place their home on the market. Earlier this month, Toronto Real Estate Board president Paul Etherington announced that the Toronto real estate market saw the hottest April in a year-by-year comparison, with a record number of sales reported through MLS Toronto. With demand for homes at an all-time high, Torontonians aren’t the only ones who will benefit from the robust market — sales are creeping to suburbia, with buyers in search of homes at a more affordable price. This is fantastic news for those living in the 905 area who are interested in selling their property. Historically, this time of year brings forth a seller’s market in the GTA, however, there are a number of other reasons why summer 2015 is the perfect time to sell your house.
- Record low mortgage rates: Buyers are taking advantage of super-low mortgage rates in Canada, with major banks offering a 5-year fixed for as low as 2.49%. This is a dream come true for first-time buyers just looking to enter the market, as well as those who are looking for a larger space while getting the most value for their dollar.
- Money in the Bank: Spring also means tax-refund season and many potential homebuyers have an influx of cash they can use toward the down payment of a home. There is also incentive for first-time buyers, who are eligible for the first time home buyer tax credit, which allows them to claim up to $5,000 for the purchase of their home on their upcoming 2015 tax return.
- Great Timing for Families: Buying a home this summer is convenient for families because they can get through the moving process without disrupting the school year. With the kids out of school, the family can use the summer to get used to the new area. This also makes the transition to the new school less stressful for your young one and will give them a fresh start to the academic year in September.
- Scarcity: The demand for homes is through the roof, as the number houses for sale in Toronto are very few and far in between. Sellers who take advantage of this are likely to get more than their initial asking price as eager buyers will engage in bidding wars, turning the home buying process into an auction.
- Curb Appeal: Let’s face it — houses with beautiful gardens and lush, green lawns look far nicer than ice-covered homes on lots with leafless trees. With flowers in full bloom, an open house in the late spring is apt to draw a crowd, as well as a sale within your desired price range.
- Renovations: If you have a home that requires a bit of TLC, this is definitely the time to sell. During any other time of year a home that is in need of renovations would be a tough sell, however, for the buyer who is into DIY projects, this means an opportunity to buy a home that they can customize, at a list price lower than most new-builds. Additionally, summer also equates to free-time for many, making it a great time for people to tackle renos.
By choosing a GTA real estate agent who has extensive experience in pricing and marketing a home effectively, you can sell your house no matter what month or season it is. By throwing the above factors into the equation, however, it’s practically a no-brainer that the time to sell is now. Remember, Spring listings mean Summer closings — if you’re thinking about selling your home or have questions about Toronto property management, contact the team at HighGate today!