When Should You Sell your Vancouver Home?
As a Vancouver mortgage broker this is a very common question that many people wonder about. Well, the answer to this question is not as clear cut as it might first seem as not even the seasoned pros completely agree on how to respond to this question.
The answer can actually vary as it is not only dependent on the time of the year but also on the current economic situation and your own particular circumstances.
Although certain times of the year such as spring, early summer and fall are the two most popular time of year, it may not be the best time to do so. The time to sell or buy can also depend on whether you consider the real estate market as either a “buyers” or a “sellers market.”
Most Popular Times of the Year to Buy and Sell a Vancouver Home
Clearly the most popular times of year for both home buyers and sellers is springtime, the early summer months and early fall. Buyers have a lot more homes to view because more homes have the “for sale” signs out front. Sellers have a lot more viewers who come looking.
Either way this does necessarily mean you will sell or buy a home more quickly because both parties may have a lot more competition.
Sellers will have to deal with more “tire kickers.” Buyers may run risk the possibility of losing the dream home that they saw because it was scooped out from under them by another buyer who acted more quickly.
Selling your Home During A Buyers Market
A buyers market would simply mean that practically anytime of the year can be advantageous but there might be certain times of the year that can be better than others.
If you choose either spring or early fall to sell your home in a buyers market, you will be in competition with every other seller who has the same idea as you. Less popular times of the year which are often overlooked by people include the summertime because many people are enjoying their holidays and the warm weather.
Similarly, the Holidays and winter time are also less popular for people to put their home out on the market. If you use this time to put your home up for sale, you might have a lot less viewers, but what you might get are the really motivated buyers who comes to view your home.
Similarly, buyers can more readily find homes that suit their needs and aims more quickly because there are fewer out there for viewing. This allows them to be more selective.
Selling your Home During a Sellers Market
Anytime of the year is tough because it means that economic times may have negatively impacted the job market such as a recession or interest rates are on the rise.
Clearly, a seller is going to see even less viewers on average if they try to sell their home during peak times such as spring and early fall because the seller market would be more competitive.
So, it all boils down to timing. Depending on your needs and objectives, you might get a jump start selling your home if put it for sale earlier such as in January for example.
And, if you are motivated buyer then anytime of year is best, but if you’re fine with dealing with the weather, then don’t wait for the peak times.