One of the most common questions Toronto real estate agents get asked is, “when is the best time to sell my home?” Timing is everything and the Toronto real estate market is always changing. Sellers want to know the best time to get the most money for their home sale.
With the recent interest rate increases in Canada and the news of a “cooling” real estate market, many home sellers in Etobicoke are concerned they missed an opportunity to maximize their sale.
In this post, we’re talking about the best time to sell your Etobicoke home. The answer might surprise you!
Have We Hit the Bottom of the Market?
At the start of the pandemic, when the Bank of Canada slashed interest rates to almost zero, it gave a lot of Canadians the opportunity to borrow at a low-interest rate, and therefore, get into the real estate market.
What resulted was a hyper-competitive seller’s market, where we saw exponential price growth as more buyers entered the market and inventory hit record lows. As the BOC begins its plan to bring interest rates back to a “neutral” level, we are seeing the cost of borrowing rise. As a result, the market is slowing down. But we won’t know when we’ve hit the bottom until it starts to go back up. Just like we couldn’t predict where the top was until it started to go down.
Interested in learning more about the interest rate increases and how they will impact sellers in Toronto? Read our blog post about it right here.
The truth is that the market is always in flux. While month-over-month statistics are showing that sales and prices are slightly down (according to the latest Toronto Regional Real Estate Board report), the year-over-year trends are still up.
Furthermore, there is no way to predict with 100% certainty what the market will do in a few months’ time. You can see that this would make picking the “right time” to sell difficult.
Selling soon? Check out these resources to help you get the process started:
- 5 Simple Condo Upgrades That Boost Value
- Should You Renovate Your Home Before You Sell?
- Selling Your Home? Try these 7 Tips for a Quicker Home Sale
So, When is the Best Time to Sell Your Etobicoke Home?
From a seller’s perspective, the best time to sell is really whenever you are personally or financially ready to do so. Traditionally, real estate is not an investment that you can strategically time like you would with stocks. Your ability to buy or sell a home in Etobicoke relies heavily on your own personal goals and needs. For example:
- Are you starting a new job soon and need more space for a work-from-home setup?
- Or, are you starting a new job in another part of the city or province and need to relocate?
- Expecting children soon? Maybe you need a bigger place closer to schools and amenities.
- Are you an empty-nester looking to downsize?
- Maybe you are an investor who is looking to cash out on your investment.
The reasons for selling your current property can be endless, which is why it’s more important to think about your selling strategy rather than wait for the absolute best time according to market conditions.
Is There a Good Season to Sell Your Home?
Traditionally, spring and fall are the busiest times for real estate. However, that doesn’t mean you can only sell your home between March and June or September to November.
Selling your home during a traditionally “busy” real estate market might be right for you from a timing perspective, but your home will be competing with many other properties, as there are usually an influx of listings during these times.
Selling during the less busy summer or fall months might be the right strategy for you, since there are usually fewer listings on the market and buyers at this time are sometimes more motivated to buy than the individuals looking during peak busy periods.
However, once again, you can certainly sell your home at any time of the year depending on what your unique goals and needs might be.
Selling your home is different for everyone. That’s why you should always choose to work with a local expert in your community. Read our top reasons why your real estate agent should be a neighbourhod pro here.
Selling Your Etobicoke Home at Any Time
The key to selling your home in any type of market is by working with an experienced real estate professional who has proven results. An experienced agent will have found success for their clients in buyer’s or seller’s markets and will know the precise steps to take to help you get the most money from your sale no matter what the market is currently doing.
How to Find the Right Etobicoke Real Estate Agent
When searching for a Realtor® in Etobicoke, it’s best to do some research on your own first. Here are a few tips to help you get started:
- Look around and see which agents are active in your neighbourhood.
- Make note of any agents who are currently selling properties similar to yours.
- Ask your friends and family if they have any recommendations and can vouch for any specific agents or teams.
- Read testimonials, website reviews, Google reviews, and Facebook reviews.
- Call around and schedule appointments with your favourites and meet them in person before deciding.
Looking for the best Etobicoke real estate team for you? Learn more about how to find the best of the best right here.
Should You Buy First or Sell First in Etobicoke Right Now?
Selling your home also means you will need to buy a new home to live in. But which step should you do first?
In a competitive seller’s market, like we recently saw in Toronto the past few years, it made more sense to buy first and then sell second. Since prices were going up and most homes were selling quickly, buying first meant that you could get into the market at a lower price and then sell your home for more money with a fairly quick turnaround.
However, buying first does have its own challenges.
For example, when you buy first, you can’t always rely on the funds from your home sale for your purchase. You may need to get help from a family member or get a bridge loan in the interim. You also won’t know exactly what your old home will sell for, which could make budgeting difficult.
In a balanced or buyer’s market, we would often recommend that our clients sell first. When prices are going down month-over-month, selling first is better because it means you can sell for a higher price and then buy for a lower price. Selling first also firms up your budget and helps give you a better understanding of the new home you can afford.
With that being said though, there are some things to consider when selling first too.
If you sell first, you are essentially putting a time limit on yourself for finding a new home. If you are unable to find a suitable property to buy before the closing on your current home, you might be left staying with family or moving into a rental for a period.
There are definite pros and cons to both scenarios and your experienced Etobicoke real estate can help you weigh your options and understand the risk vs. reward.
Ready to sell your Etobicoke home? Get started with these resources: