So you’ve decided to put your condo on the market.
The question now is when? Deciding a time to have your property hit the market is just as big a decision as the price point you choose. If you pick the wrong season for your area and your particular home, the property could end up staying on the market long term, which is never a good thing.
Recent research by Zillow found that the absolute best period to put your home on the market is between mid-March and mid-April. As they state in their study, there is a time-tested and basic notion that states one should always try to put one’s home on the market early in the year. But early in the year does not mean the dead of winter. March and April are when winter turns to spring and things start to warm up. Folks have crawled out of their self-imposed hibernation and are ready to shop around! This is the time to hit the market. Homes put on the market sold for 2% higher than the average and were off the market 15% faster. That is a significant difference.
The reasoning behind this data (which was completed on homes in the U.S. but can be extrapolated for Canada as well) is that if your property doesn’t sell in the first few months, the summer will likely save you. Most homes simply look better in the summer, and June is when the Summer really begins to set in.
There was one study that found the opposite. Red Fins data showed that homes sold quicker in the winter, which runs contrary to the commonly held notion that spring and summer are the peak months. And other studies have shown that much of it can be based on your particular region. If your home, and your neighborhood is a quaint Canadian hamlet near beautiful ski slopes, it may look absolutely stunning in the winter and thus, sell quicker.
But for the most part, the sun wins. When it comes down to it, in most situations listing in the spring and summer is the better move. More people are outside and motivated and people are generally in better moods when it’s warm out. For example, New York City absolutely blossoms in the spring and summer. The streets are filled with people and the energy is infectious. In New York, summer is the time to sell, and one can extend this logic to most areas.
So while it’s certainly not an exact science, unless your region comes alive in the winter, put your condo on the market in the late spring. It’s always good to settle into the market and peak as soon as summer begins to roll around.