CIR REALTY: When is the best time of year to Buy or Sell Your Calgary Home ?
When you ask someone when the best time of the year is to buy or sell a home is, you will most likely get “spring” as a response. If you were to ask what time of the year is not good for real estate, traditional thought will respond with “the holiday season.” But what many don’t know, and a few really benefit from, is that depending on your individual circumstance there are a lot of factors that make this upcoming season a great time to buy or sell. Here’s why.
For someone thinking of selling, historically what happens at the end of November and early December is that you see a decrease in the number of listings on the market. This happens because traditionally people stop putting their homes on the market and many homes currently listed expire around this time. What this means for the seller is that there is less inventory thus less listing competition. That being said, serious buyers and people that need to move are still looking.
If you have a well priced home that is staged properly and shows well, as a seller, you have an increased chance of getting your home sold in a reasonable amount of time. Don’t forget, by waiting until the spring to list your home, you are agreeing to an increase in listing competition when numerous homes go on the market at the same time.
If you are worried about needing to move out during Christmas or dealing with paperwork and REALTOR® in and out of your home, you shouldn’t be. The listing could be withdrawn over the actual Christmas week so that you aren’t dealing with disruptions over the actual holiday.
From a buyer’s perspective, it is important to realize that approximately 30% of the listing inventory is vacant. During the cold holiday season, sellers face increased carrying costs due to higher utility costs and some sellers actually do get more motivated to sell before they see their utility and maintenance costs increase.
Traditionally, sellers who keep their homes on the market during this season are more motivated to sell which is a buyer’s best-case scenario. There may also be less competition from other buyers because some of them stop looking at the end of fall and want to pick it up again in the spring. In addition, with interest rates still being historically low, purchasing a home now will reduce the risk associated with the cost of waiting.
Kirsten Bartlett – Marketing Manager
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