The right time to sell will always be the time that’s right for you.
There are countless reasons why people sell their homes. Sometimes they want to, sometimes they need to. Regardless of whether you're upgrading, downsizing, relocating or simply wanting a change, the right time to sell will always be the time that’s right for you.
That being said, there are a few factors that can affect how long it takes to sell, how much you sell for and your financial situation moving forward.
Here are a few things to consider:
The Time of Year
Although spring is the most popular time to list real estate, every market has its advantages and disadvantages. Consider winter, where there are fewer homes on the market and therefore less competition. While you may have to reduce your asking price slightly, you’ll likely be able to sell your home quickly.
During the fall, most of the spring and summer inventory has been burned off but there are still plenty buyers who want a new home by Christmas. While your home may sit on the market a little longer, you’ll likely be able to maintain a higher asking price.
Buyer’s Markets, Seller’s Markets & Interest Rates
In addition to the time of year, current Edmonton market conditions may also help you decide when you’d like to sell. This is because the market will directly affect interest rates, inventory levels and buyer interest. Here are a few examples to consider:
- Interest Rates - If you purchased your home when interest rates were lower than the current rates, you may have to take a higher rate on your next mortgage - which could mean paying more for your new home.
- Seller’s Market -A seller's market is, of course, favourable to a seller, as it means inventory levels are lower than demand, which can result in a multiple offer scenario. However, sellers can be too confident in their home's worth and are more likely to overprice, which can deter buyers from making an offer.
- Buyer’s Market - A buyer’s market may seem like a bad time to sell, but that's not always the case! It just means homes tend to sit on the market a little longer. But pricing your home right from the beginning will help alleviate long wait times and allow your property to sell in any market.
The Truth Is... Any Time is the Right Time!
Regardless of season, inventory levels or the number of buyers searching the market, the right time to sell is always the time that works best for you - and a good Edmonton REALTOR® understands this. No matter when or why you’d like to sell, your real estate agent will be able to come up with a strategy that plays to your unique circumstances - helping you sell for top dollar and minimal hassle.
If you’re thinking of selling and would like to know more about what your current home is worth, check out our FREE Home Evaluation for more info!
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