The Ontario real estate market tends to have seasonal trends, which is why it is important to consider the time of year in which you put your home up for sale. While these seasonal trends are reasonably steady, there are often additional factors that can have positive or negative impacts on the local real estate market for sellers. For these reasons, we always suggest talking to a real estate agent who is an expert in the local market before selling your home. They can advise you on the best time to list and the best strategy for selling your home quickly and for top-dollar.
Below are the most common trends that the Ontario real estate market sees throughout the seasons to help you decide the best time of year to sell your home.
Real Estate in the Spring
March, April, May
Along with longer days, warmer weather and nicer landscaping, spring brings out the peak of the real estate season. This can largely be attributed to the high percentage of buyers that are looking to move into a new home over the summer and have their families settled in well before the start of the new school year. There is notoriously a large increase in demand during the spring, resulting in bidding wars, faster sales and higher premiums. However, many people decide to take advantage of these market conditions which often results in a simultaneous surge of inventory. This increase in both supply and demand is a great time to take advantage and sell your home, but it is important to have a strong sales strategy that can make your home stand out against the competition. Spring is definitely the peak season for real estate in terms of volume, but don’t forget to take into consideration the unique circumstances of your home and situation when determining the best time to sell.
Real Estate in the Summer
June, July, August
Real estate in the early summer is comparable to spring and is a great opportunity for sellers to list competitively against the leftover spring listings. It also allows sellers to take advantage of the still strong market of buyers who are looking to secure a home before the new school year. This usually accounts for serious offers and quick closes. However, as the summer goes on and the weather gets hotter, the demand typically begins to shrink as most driven buyers have found a home and the remaining buyers are consumed with beach days, vacations and other summer activities. Not to mention that Ontario’s peak summer weather is often hot and humid which deters people from touring homes at this time of year, ultimately decreasing demand and increasing buyer power.
Real Estate in the Fall
September, October, November
The real estate market in the Fall begins to slow down as the peak season is over and families are settling in and sending kids back to school. This often means that both supply and demand in the market are significantly lower. However, there is still a great opportunity to attract serious
buyers that are trying to buy a home before the winter weather comes into effect. It is important to be on top of yard maintenance during the fall months because despite the beautiful colors and increase in curb appeal, many buyers can see it as an expensive and time consuming task that will need to be done as owners. This is often a great time to sell your home if you will be buying a new home at the same time in order to save some of the peak season costs. Always get the advice of an experienced real estate agent as the market is constantly changing and they will have important insights into the best time to both sell your home and buy a new one.
Real Estate in the Winter
December, January, February
Historically, winter is one of the slowest times of the year for the Ontario real estate market in terms of both supply and demand. This is largely due to obvious factors such as holidays, lack of daylight and the cold, snowy weather. During this time, there is limited supply and often inventory has been on the market for some time. This does allow new sellers to stir up interest and list their house with strategic pricing against the competition in order to attract the small number of serious buyers that are eager to get a home. Although buyers at this time of year are often motivated, they are typically more sensitive to price which results in more negotiations and lower selling points.
Despite the seasonal trends that tend to happen within the real estate market it is important to take into consideration some other factors that can negatively or positively affect the value of your home and the best time to sell. These factors can include the condition of your home, whether or not you will be a part of the buying process, conditions of the local market and more. While it’s true that certain times of year and certain market conditions may result in a faster sale or a higher premium, it is important to remember that life happens, you can’t always wait for the perfect conditions. An experienced local real estate agent can help plan the best strategy to sell your home no matter the time of year. They are experienced with setting competitive prices based on market research, marketing your home effectively and advising clients on the best course of action.
Want to Sell Your Niagara Home? Contact Davids & de Laat Today!
Are you looking to sell your house in the Niagara Region? The team of real estate professionals at Davids & de Laat are proud experts in the local Niagara real estate market and we dedicate ourselves to turning out the best results for our clients. No matter what time of year, we want to help you develop the best strategy to get the most value out of selling your home, get your free home evaluation today to get started!