It seems Spring and Autumn have been hammering away at each other for countless eons on which time of year is best to sell your home. Who is the winner……. The market, that’s who! Now hands up if you were expecting that answer!
So what does that mean exactly? Basically, beyond unchangeable things such as weather, peak vacation times etc. You should be timing your sale with the market and NOT JUST time of year.
For example, all you ‘Spring-Goers’ out there - If we take a look at the market, 2018 has really been the actual beginning of the downturn in the Real Estate industry. If we peep at the previous downturns, we’ll see a pattern of significant price drops the year AFTER the downturn really starts. Yep you guessed it, if we follow suit, 2019 is going to have your value drop. FYI - We’re showing ALL the signs so far of previous downturns.
So, if you’ve thought about holding tight until next year (SPRING)…… Maybe turn around and see if that equity is walking out the back door as we speak, like right now, do it. Now!
For all of you ‘Fall-ers’ - See what I did there - this year Fall was substantially below Spring in terms of sale amounts AND value. The market was starting to take its downward turn around the spring time yes, however it’s in full swing now and house prices have dropped significantly. In fact, if you listened to last week’s podcast you’ll know home prices have dropped almost $300,000 on average in Yaletown alone.
As well as time of year, you need to be considering your own personal circumstances. The long story short, if you’re in need to sell in the next year or two, and are waiting till Spring, you’re throwing money away. We hate to be so rash but it’s true. As we keep saying, we do not have a crystal ball, but there is no indication or economic factors that are suggesting a bounce back in the market is coming. At best you would be hoping for stabilization A.K.A. House prices don’t drop any further than they already have. So in a scenario where you’re ABSOLUTE BEST outcome is remaining the same….. It’s kind of obvious what you need to be doing (That’s selling sooner rather than later) in case you didn’t pick that up by now.
If you live in Kits by the beach, people know the beach is there regardless of the time of year. If you have direct access to transit, guess what, yep… People know that in the fall too.
Plain and simple, base your time to sell on your own personal circumstances and the market. In this scenario, waiting till spring can cost you A LOT of money.
Then again we are Realtors, so what do we know about the real estate market ?A HUUUGE shout out to all of you who have given us reviews and 5 star ratings for our podcasts. This topic was in response to one of our viewers who asked the question (they specifically asked for it to be blunt and to the point.) If you have topics you would like covered, reach out to us on the contact details below!
Until next week,