Real estate is almost always a fairly steady investment, but slight changes in the market can make a big difference when it comes time to sell your property. Naturally, you want to sell at a time when you can get the most money, but there are different ways to think about that question.
Various factors can make a difference, including things like whether it’s a residential home or an income-generating property, what type of buyer might be interested, and what type of property it is.
Here, we break down some of the things that you should think about when you want to sell your property.
Spring Is Often "the Best"
You’ve probably heard that spring is the best time of year to sell, and this is true for almost all types of properties.
However, what you might not know is in the real estate market, the “spring” season starts in late January and early February. At a time when there’s still likely to be a lot of snow on the ground, most people wouldn’t normally think of this as prime selling season.
But this is the time of year when the days are getting longer, and we are all tired of the long-cold winter and eagerly awaiting springtime. There also several spring-related events happening in our community in late January and early February such as the Home & Garden Show, Boat & Sportsman Show, the RV Show, and the Motorcycle Show all inducing everyone’s spring fever even further.
This means you want to start getting your property ready for sale a few months beforehand, in December and January, as the early-bird buyers will be out looking soon, and you want your property ready to go when buyers are active! Getting in early means less competition in the market.
Start Early for Investment Properties
Those who are planning to sell investment properties should take special care in preparing their properties early. If your property is very investor-focused with multiple income suites, you may want to consider selling it with tenants in place. However, if it’s determined your property would yield the best sale price being marketed to families looking for a personal residence, you may need to start planning well in advance.
It would be a good idea to time the expiry of your existing tenancy a month or two before the prime selling season so you have time to make any necessary repairs, have it professionally cleaned and ready for buyers to walk through. If you’re ready to sell your home around this time, you’re likely to attract a fair number of buyers.
Summer Time
For those who are not able to get their property ready for the spring selling season, selling a home during the summer months is also an okay time. At this time of year, your home and yard are likely to be looking their prettiest! However, there may also be more competitive listings for buyers to choose from during the summer months. Combine this with the kids out of school and families on summer vacation and it does tend to reduce the activity towards your selling your home. That said, if your yard and home exterior are prime selling features this may be the time best to consider selling.
Fall Time
A little-known fact in the real estate market: a good burst of activity happens every year in early fall. This selling season is much shorter than the spring season but it can be just as busy. The timing to this market typically starts right after Labor Day weekend when the kids are back in school, summer vacations are over and people seemingly return to their normal routines. These people would like to purchase a house and take possession before the weather cools and the snow starts to fly.
Winter Months
This is the time every year where we historically see our Edmonton real estate market take a big breath and slow down for a few months. Somewhat weather-dependent, this season seems to start right about the same time as our first big snowfall every year and will typically last through the holiday season and into the new year.
If you’re selling at this less busy time of year, there’s going to be less competition. Even better, the buyers that are out there in these less busy times tend to be more serious about their purchases. They’re out there because they need to find something right away and this can lead to making the sale.
Help Is Available
Most importantly, you don’t have to sell your property alone. There’s plenty of help available. With the experience we have at TriUrban, we can help you get the best price for your property. Whether you have a single-family residential home or an income property, we’ll give you advice on what changes you need to make, then put it in front of the right types of buyers, earning you a quicker sale. We can then help you find the next property that’s the right fit for you.
Selling and buying properties is easier than ever when you have TriUrban on your side. Call us to find out how we can help you.
