There are a lot of considerations that have to factor in when selling your home. After all, potential home sellers will be letting go of an important financial investment for an amount that may be a few thousand dollars cheaper than the purchase value of the home.
One way to make sure that you will be getting the best possible price for the property you are trying to sell is having it put up for sale in the spring. Here are some reasons why that is the case:
Homes look more attractive
This is a no-brainer. The blossoming of the flowers and the greenery during the spring adds a lovely touch to your home. This improves the chances of the home to be sold as the potential buyers will be attracted to how beautiful your home would look like.
The spring is also the best time to make pre-inspection repairs as it is not too hot like the summer and not too cold like the winter. The weather conditions are perfect for electricians and repairmen as they will not have to deal with the extreme cold that endangers the wood and concrete.
The long days in the spring also means that more people can visit your home to see if it would be a good fit for their use.
Bigger asking price for properties
In the Canadian real estate industry, spring time is usually the start of the property buying season. This means that there will be a much larger demand for real estate properties, especially in the some of the more sought out areas. Some simple knowledge of the market economics will tell us that the real estate properties will also have higher prices.
This is even more advantageous for homes with gardens or single-family homes in large urban areas such as Toronto, Montreal and Calgary, where there is already a huge demand for these types of houses as it is.
Spring sellers have the luxury to be picky
The high demand for the properties also means that the sellers will be able to have their own pick of the litter when it comes to the buyer. Do you want to have the home you lived in for years to be transformed into the modernized monstrosity that a buyer is planning to do? The spring may be the only time that you have the luxury to decline that offer.
Competition between buyers
The high demand from buyers can affect your potential sale as it may lead to a bidding war for the property. If you are not too knowledgeable about the going-on of the Canadian real estate industry (the global real estate industry of the world, really), this will actually mean that there will be a lot of bidders and offers, which will raise your price. And if you are a seller who is aiming for money, that is a good thing.
Plus, most participants in a bidding war use cash so that it can be an advantage for you as it means fast money.
Less repair and alteration costs
When it comes to selling your house, accepting the offer is not the end. Sometimes, a few buyers demand for some repairs and alterations to be done to the property. With a bidding war, buyers are less likely to make requests or demands that they would like to be done. That means much less money spent on paint, wood, other materials and repairmen’s service fee.
Larger property valuation
Appraising the value of your home involves a complex science that only a few people can explain well. But one of the most basic tenets of valuation involves comparing the value of recent purchase in your neighborhood. This means that if the most recent sale entry is from a house that was sold for a cheap amount in the uncompetitive winter season, it may affect the price of your home.
This is why it is better to sell your house during the spring instead as the valuation is more precise and may even be a bit more due to the higher comparable sale prices of nearby properties.
Selling your home may earn you money, but you have to make sure that you get optimal results for your listing. Selling the property during spring does just that. To get a free market evaluation of your property you wish to sell contact Michael Gennis – Focus Properties today!