Finally, your house is ready to sell. You’ve invested thousands into improving your property and refreshing its aesthetic. When you find the right buyer, you know you’ll get a great price for it.
But now you’re stuck on another problem: When should you list it for sale?
The Vancouver housing market is in a constant state of flux. When supply is greater than demand, the housing prices drop—but when there are more buyers than sellers, bidding competitions escalate the prices.
As a seller, you want to choose the right time of year to list your property; this ensures that your house won’t sit on the market too long and that you can sell it for a great price. But how do you decide when to list your home or condo? Based on our experience in the Vancouver real estate market, here’s what we’ve found:
The Importance of Timing When Selling a Home
To answer this question, it’s helpful to look at data generated from years of previous home sales. Before buying, people will consider the following:
- Convenience. When weather conditions are pleasant, homeowners will be eager to pack their bags and find somewhere new to live.
- Competition. If you have fewer listings to compete with, you can list your home with a higher sale price. Buyers may even get into a bidding contest.
- Interest rates. This factor doesn’t often change from season to season, but it still fluctuates regularly. When interest rates are lower, you might find more buyers for your home.
You’ve heard it said that timing is everything. But when it comes to the Vancouver, BC housing market, time of year is everything. The seasonality of the housing market can affect the sale price by as much as 10%.
The Best Time of Year To Sell
When you consider how the market changes throughout the year, the best time to sell is during the early spring and fall.
You can’t underestimate the advantages of selling during the spring market. In the spring, parents will start looking for homes so that they can move by the summer. And in the fall, the rush of the summer market will be mostly over, so you’ll have fewer listings to compete with.
Once fall arrives, the rush of the summer market will be over. It’s a prime opportunity to list your home. Both spring and fall have pleasant weather patterns; it won’t be too cold for the new owner to move their belongings or work in the yard.
You might be wondering: Can I still sell my property during the winter?
It’s possible, but it may take longer than average. Even if your home is full of desirable features, not all buyers are willing to move when it’s cold outside.
There are fewer active buyers in the winter for a few reasons. Many buyers simply don’t want to move during the holidays. For families with school-aged children, it’s a hassle to move in the middle of the school year.
Even though most people think that summer is the best time to sell, the competitive market makes things tricky. The summer real estate market is incredibly competitive, which means it might not be the best time to sell.
So, when is the best time to sell a home in Vancouver? Contrary to popular belief, it’s best to wait until later in the year. Why? Most sellers choose to list their homes during the summer, which means you’ll have plenty of competition. On top of that, plenty of people take vacations in the summer, so they won’t be actively looking for a new home.
List Your Home with Leo Wilk
Ready to sell your home? Experienced realtor Leo Wilk can assist you with selling your house or condo in Vancouver, BC. With years of experience in the industry, he can help you find the right buyer for your property. Contact us today!
Leo Wilks was mentioned in the Best of Vancouver list for best real estate agents in Vancouver. Check it out!