Agents often talk about the ‘fall market’, and while we may not want to admit it, September is just around the corner. If you’re considering putting your house or condo on the market, here’s what you need to know about the fall market:
1. Other than the dark cold months of winter, August tends to be one of the months with the fewest available listings, followed by a significant increase in properties for sale after the Labour Day weekend in September. So should you wait to list your home until September? That depends. Who is your ideal Buyer? Are they likely to be spending their summer months by the lake? Are they getting the kids ready for school? Do they want to move into their new house in time for the new school year? Or is August a prime opportunity to sell your condo at a time when you aren’t competing with too many other listings?
2. In deciding when to sell your house or condo, it’s important to understand how prices change over the year. As you see from the chart below (which plots median prices in central Toronto from 2011-2013), the highest prices tend to happen in the February-April spring market and in the September fall market. If you’re looking to buy AND sell and are upgrading to a bigger/more expensive home, September may be your ideal month – you’ll generally get a good price for your current home and won’t be in the fierce bidding wars that happen in the spring market.
*Keep in mind that the charts are impacted by sales at the extreme ends of the market, and it’s rare to see a lot of $1 Million+ luxury sales in the summer when everyone is at their cottages. That inevitably pulls down the summer statistics.
If you’d like to discuss the pros and cons of listing your Toronto house or condo this fall, send us an email or give us a call…
