As soon as you decide to sell your home, you must make a laundry list of choices and one major decision is when to list your home for sale. Believe it or not, there is a right time to list a home for sale and it actually differs by property type and by market.
Knowing the best time to list your home can stack the odds in your favour, allowing you to sell your home faster or for a higher asking price, or both.
When is the best time to sell?
No matter where you live, the universal answer for the best time to sell a home is “in the spring.” Historically, there is a spike in the number of properties listed for sale during the spring months of March, April and May. The assumption is the increased inventory on the market triggers higher sales activity making it the ideal time to sell a home. But that’s not always the case. Other factors can influence the best time to put your house on the market, including the specifics of your local housing market, job growth, current and projected mortgage rates, recent and proposed housing regulations as well as tax incentives.
So, when is the best time to sell a home? To find an answer we analyzed almost two decades of sales data for Greater Toronto real estate markets. According to this analysis, the best-selling window isn’t always the spring.
In fact, if you’re selling a house in York (including Markham), Burlington or Mississauga you could get a higher sale price if you wait and list in the fall. For condo sellers in the Peel region, Oakville and Brampton could also get a higher sale price if you wait to list in the fall.
Keep in mind, these ideal listing windows are not based on conventional wisdom or gut feelings — it’s based on the analysis of seasonal sales patterns of homes based on the month they were first listed. Use this information to make a more informed choice on when to list your house or condo for sale.