Why is Spring 2016 the Best Time to Sell a House in Toronto? Just take a look at historical Toronto Housing Prices for this time of year.
It’s hard to believe that February is already over and Spring will be here in just three weeks. Like many Torontonians, Realtors love this time of year, not only because of rising temperatures but because it’s the best time to sell a home. Any seasoned Toronto Real Estate Agent will agree that certain seasons are more favourable to sell a house than others. Oftentimes, the transition between cold months to warmer months sparks something in buyers, and with the current condition of the Toronto Real Estate Market, this couldn’t be truer. In fact, it’s in the Spring when Toronto housing prices increase and homes sell at or above asking price. Furthermore, the amount of time they on the market is significantly short when compared to other seasons. We’re still in a seller’s market, and the pent-up demand from buyers is exceeding the supply of Houses for Sale in the Toronto. While warmer temperatures do have an impact on home sales, but there are a few other reasons people want to shell out a few extra dollars for a house in the Spring.
- Most families prefer to purchase a home in the Spring because that leaves them with ample time to register their kids in new schools. When it’s time to close, it will be relatively early in the summer, you most likely won’t have to deal with a heat wave when packing moving boxes.
- Spring is a great time to showcase your home as well. With the snow finally gone, lawns are visible and houses just appear to be more attractive in the spring. There are no sub-zero temperatures or icy driveways to deter buyers from venturing outside of their homes. By the end of March, some annual flowers will be in fresh bloom and trees will begin to bud, and a feeling of a new beginning will be in the air.
- With holiday debts and bills finally paid off, buyers are in higher spirits and aren’t as stressed about making a big purchase. Additionally, most buyers will have the benefit of a tax return in the Spring–this is especially helpful for first-time buyers who are feeling the impact of the increase in the minimum down payment. Remember, many people are entering the market for the first time, so be ready for people who are on the hunt for condos for sale in Toronto.
- Competition among buyers is very stiff, and they’re willing to bid to the very end. Bidding wars occur most frequently in the Spring than at any other time of year because home buyers want the perfect move-in date. Use this to your advantage to ensure you make the most of your home sale.
Although Spring isn’t officially here until the Equinox on March 20, it’s definitely sprung early for buyers in the Greater Toronto Area. If you’re planning on selling your house, now is the perfect time to consult your GTA Real Estate Agent. The window of opportunity is wide open, so take advantage of it before other sellers start adding to the mix. While the market conditions will guarantee your house will sell, you want to get the best dollar for it.