WHEN IS THE BEST TIME TO SELL MY HOUSE?
We keep hearing how Vancouver’s market is HOT, prices are climbing fast, record breaking prices reached every year, and at the same time, many believe that Vancouver’s housing bubble is just about to burst, warning everyone to prepare for the worst to come.
My advice has always been the same: Sell, or Buy, only when it’s right for you. With that being said, it also depends on the type of transaction you are looking for. Perhaps you sell your own home, cashing out an investment property, selling income generating property etc. The real estate market really does heat up in the spring months. Spring is certainly the best time to sell or buy for many clients. It’s a time of renewal and change in general, and it’s simply the most practical time for many too. Buying in the spring allows for a closing date early in the summertime, aligning with school and work breaks that make moving easier. It’s a key factor for clients who don’t want their kids to switch schools in the middle of the year.
But the past five years have seen unprecedented growth in Vancouver’s real estate values, and especially heavy competition for the properties available in the spring. I’ve found that this translates into pent-up demand from buyers who simply haven’t been successful in securing a new home in the spring market – whether because of high pricing, bidding wars or just plain exhaustion. For sellers, this means growing demand for homes across the seasons, and especially after the spring rush.
As a seller, you may not get a bidding war in the middle December and you may not sell for top dollar in August… but you’ll likely not pay maximum dollar either if, like most people, you are buying a new place after you sell your own home.
It is absolutely possible to sell your home outside the spring season and purchase a home at the right price too. What matters most is the timing that make sense for the client. There are peak seasons sure, but what fits you and your family should always be at the top of your consideration, not the traditional sales season.
For investment properties, buying and listing your properties should be done is a very strategic way.