A Season-by-Season Breakdown for sellers.
One of the most commonly asked questions in real estate is “When is the best time to sell my home” with 2020 being such a tumultuous year the question can be even more relevant than ever. The answer however, holds a lot of promise for anyone considering a change.
2020 was a strong year in Real Estate and 2021 is proving to be no different, regardless of the time of year. For example, CREA expects the average home price to increase by 9.1% in 2021, and even higher in the Ottawa area. The Ottawa market has proven itself to be highly resilient in even the toughest of times. Some of this comes from the nature of the pandemic, we’re seeing larger numbers of people interested in moving into the outskirts. Working from home has reduced some commuting concerns people once had, as well increased the need for more space at home. The surrounding Ottawa area, which was once a smaller market is seeing vastly higher demand. We are also seeing some new and exciting residential developments in Orleans, Stittsville, and Barrhaven which will only continue to keep the demand high in these areas and maintain the sellers market.
We know it’s a sellers market for 2021, and we have created a season-by-season breakdown for the year for those considering selling their homes.
Winter in Ottawa is generally not the prettiest time to show off your home. With this year experiencing the run-off of the 2020 turbulence you would think this is not an ideal season to sell... however, trends are proving this wrong. The milder weather and the changes being forced through pandemic lockdowns is increasing the desire for many to relocate or move homes immediately making the demand high. The numbers from December are also proving the benefits of a winter sale.
Spring is always the top time to sell and 2021 will be no different. The weather improves and it becomes easier for potential buyers to see the full potential of landscaping etc. Closing at the end of a school year is often preferred by sellers and buyers. Overall, the days are longer, the sun is shining and people are starting to emerge from hibernation and visualize the summer ahead in a brand new home. Spring is, and always will be, the top selling season.
The markets are strong in the summer. But buyers are often vacationing, or busy with summer activities. This will certainly be the case for 2021 (especially if a large part of the population is vaccinated against covid at this time). Although there can be a great deal of benefit to selling off-peak. For example, if your home doesn't add up in the number of upgrades in comparison to one across the street, you may not want to be in direct competition in the height of Spring, so an off-peak sale period could be beneficial in this case.
The Fall can be a good time to sell you home. The weather hasn’t turned completely yet, so the full potential of the home is still visible. You’ll want to sell early Autumn, the markets slow in the lead up to Christmas (Although, this can be a time that serious buyers are looking) Be prepared for a quick closing, as many people will want to be settled by Christmas.
It is always good to talk to an experienced realtor in your area. But truly the right time to buy is when it’s right for you and your family. The final say, should always be what works best for you. Considering your new home and the following types of questions to ask yourself:
Is the house ready, or could taking a little time with a few small improvements result in a significantly higher sale price? Are the kids ready to move schools? Is work ramping up making it difficult? Do I need to travel for work this season?
The final answer is - when you’re ready. Any good realtor will provide you with all the pros & cons, the numbers & statistics but at the end of the day it’s up to you to decide when the time is right.
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The Home Guyz Team w/Solid Rock Realty Brokerage