When does the Toronto Spring Market Begin?
Toronto ended 2013 with the 4th highest number of sales ever in Toronto real estate. Marginally higher numbers of transactions occurred in 2007, 2009, and 2011; from a volume point of view, the Toronto market is still very healthy. Not surprising, really, given the tremendous diversity of our economy and the attractions that Toronto has to offer. January 2014, unfortunately, has seen a lack of new listings. According to TREB’s Marketwatch, ‘the number of homes listed for sale was down quite strongly compared to last year…’. Obviously, this provides an advantage for today's listings...no competition!
We often get asked the question ‘What’s the best time to list?’ The answer to that question has many variables. In my experience, each situation is unique; however the strategy that has invariably worked is listing when there was a real gap in inventory. This might mean the difference of a week or even a weekend in some cases. How does that work? If a potential purchaser is looking to stay in a certain school district, and they’re looking for a four bedroom home within walking distance, there are likely to be few suitable homes that will be available for sale that year. Getting your home on the market when there are no listings in direct competition can be a huge advantage. We have been able to put (literally) tens of thousands of extra dollars in our clients’ pockets by carefully timing the listing so that we are filling a hole in the inventory supply.
Everyone wants to list when the flowers are out and the greenery has started to fill in. While this is a good strategy, remember that it might put your home for sale at the same time as your competition. Your unique selling features might be lost amidst the scramble of open house madness. Give us a call, we’ll be happy to provide some help and guidance!