There are a lot of reasons why people sell houses, and sometimes it’s not only about profit. Whatever these reasons are, sellers should always come to stop and think; when should I sell my house? We have provided some information below that would hopefully help you decide when to put your property on the market.
The golden rule for property is to buy for the lowest price and sell at the highest price; this is where timing is crucial. Sellers need to watch the “market” and look for queues based on information about its cycle and identify particular periods which are favourable to buy or sell. Up and down cycles is common in the property market and more often reflects the economic cycle of the country. The market is also not the same with all regions and cities so information is the key in deciding the right time to sell.
Although most construction in the county is focused on condominiums, buyers still want family homes. Opportune to sellers, detached homes are still in demand and their limited supply keeps prices high even as some condominiums and multi-family housing developments increase. According to the Canadian home builders association, 65% prefer single-family homes than multifamily residential. Potential housing shortages due to the soaring population in the country might open opportunity for sellers to put their property on the market.
Statistics show that immigrants who come to Canada as temporary foreign workers are increasing and most of them stay longer through obtaining permanent residence. Statistics Canada shows that non-resident ownership of single detached houses was 3.2 per cent in 2017 and prices of single detached houses rose by 130% during the same year. The effect of foreign capital is that it contributes to the inflating house prices therefore generating growth, increasing incomes, and potential rise of prospect buyers.
Millennials are currently one of the biggest population groups in history, and they’re reaching home-buying age in significant numbers. It is projected that there will be 2,559,200 multitudes between the ages of 25 and 30 in 2018 according to statistics Canada, therefore, there would be an immense demand for housing from this large demographic cohort that are moving into the prime first-home space. A company conducted a survey on 1,000 millennials and they found that only 35% of them already owned a home. 69% of those who have not yet acquired such properties declared that they are planning to purchase within the next five years.
Selling Homes during the Winter Season
Many sellers wait until winter ends before listing their houses thinking that buyers won’t be looking for a new home because of the cold season which eventually results for the decline of the inventory of properties on the market. But with fewer properties for sale means more opportunity for other sellers as competition drops as well. These handfuls of properties on the market get greater visibility for prospect buyers particularly in the wintertime. And since homes for sale are scarce, buyers tend to be more considerate in terms of how much they can invest on these properties. Winter can open opportunities to the bold.
Property value and demand on the market can be linked to significant times and events. Being aware of what is happening in the market can be an advantage and looking at sites, such as the CANADA MORTGAGE AND HOUSING CORPORATION, may aide you in your decisions as they have numerous housing market information.
You also need to work with the right experts in order to sell your home on time. Daniel and Bonnie Wan are the realtors you are looking for!