By: Gloria Yeung
Why Spring is the Best Time to Sell
Tags: #springmarket #torontocondos
SPRING IS HERE!
Spring is the optimum time to sell a home. Regardless of whether it's a hot, cold or neutral market, inventory almost always rises in the spring because the largest number of buyers are actively searching for a new home during the spring season. Let’s take a look at why this season is often seen as the best time of year to sell a home. But first, want to know when and where to see Cherry Blossoms in Toronto? Click here. :)
HOMES SHOW BETTER IN SPRING:
You hear about “location, location, location” when it comes to real estate. But “timing, timing, timing” should be up there as well. Let’s face it, spring is beautiful time of year! The grass is green, the flowers are blooming, and that brightness can carry through your home.
MOVING IN EARLY SPRING/LATE SUMMER IS MORE APPEALING
No one gets excited about moving in the winter. Snow makes everything more complicated. The same is true for the hot summer months. Buying in spring can avoid all of that. Plus, if you're a student or have children who are in school, summer moves won't interrupt the school year.
Our clocks spring forward in March and the days get longer but in a good way.
More sunlight and more time for buyers to go out and about, looking at homes... such as yours.
HIGHER PRICES AND BETTER COMPS
More buyers means more competition from other buyers … which means more chances for bidding wars and, ultimately, a higher sales price for you.
And springtime is when these bidding wars tend to happen more often than during any other season in real estate. Despite the fact that inventory is usually at its highest, prices are at their highest too. More buyers means more competition from other buyers … which means more chances for bidding wars and, ultimately, a higher sales price for you.
Since prices tend to be higher and there are more closed sales during the spring, your agent will have access to more comps or comparables that better reflect the current market (and your home).
When there are fewer sales at other times of the year, your home could get matched with a bad comparable.
WANT TO SELL YOUR HOME THIS SPRING?
Below are things you can do to improve the odds that your home will stand out among the sea of new listings flooding the spring-time real estate market:
De-clutter: A bigger condo with a great layout is always more desirable, so creating the illusion of more space can be one of the most important things you do when listing your condo for sale . Conversely, having a space which is full of “stuff” can have the opposite effect, leaving prospective buyers moving onto better options that seem less cramped for space. A well laid out and de-cluttered space can make a unit feel much larger than its true square footage, but how do you go about doing this? Might be a good time to pull out "The Life-Changing Magic of Tidying Up" by Marie Kondo (now also on Netflix). Pack away 30-40% of your things like boxes, knick knacks, remote controls, liquor bottles and excessive décor items / pictures. The same goes for closets and storage areas. Don’t just pack all your clutter into your closets as prospective buyers will look inside them and it doesn’t give a great impression. Organize your items into 3 separate piles: 1) Donations, 2) Storage, or 3) Landfill. The idea is to purge as much as possible.
Windex your windows and mirrors. Are your toilet seats, shower curtains and bathmats gross? (be honest with yourself). If so, have the replaced. Dust all surface areas.
Sparkle is free, and it sells homes. A potential buyer may not realize why your home seems so inviting but will feel drawn to it if the windows are spotless and your mirrors reflect sunlight. Cleaning is the first step in preparing your home for sale.
Utilize towels, throws, and pillows in light colours like pastels. Even if it means replacing items, towels, linens, throws and sofa pillows are inexpensive accents you can buy. In soft spring colors, they will light up a room. Layer towels on bathroom towel racks and place rolled washcloths on the counters in a fashionable pyramid.
MAKE AN EXTRA SET OF KEYS
Prospective Buyers and their agents will need to access your home, so you’ll need an extra set of keys.
Remember that I am always a phone call/email away. :)
Please send me an email if you are simply curious what your home is worth. Send me your address, unit number, approximately square footage, with parking or locker; I will revert back with recent transactions.