Many misconceptions and myths revolve around winters and the properties market. Is it a good idea to list your property for sale? Will you get a good price? Isn’t spring time a better option when the flowers are in full bloom and the property looks great? Even banks see a lot of loan applications for real estate during the spring time. It seems like most of the people are looking for property to buy during spring time.
All these notions lead to one thing – people wait for a long time to list their property for sale and hence suffer losses!
Firstly, let’s understand that weather does not have anything to do with the sale of your property. It is also important to understand that in a buyer’s market, that is, when the supply outweighs the demand , it probably may be a good idea to sell when the property ‘looks’ the best. On the other hand in a seller’s market where there is a good demand and supply is scarce, weather cannot be a factor for deciding when to list your property.
Statistics show that over the past year, inventory for real estate in Greater Vancouver is low and the prices continue to rise since last winter – that included the spring too – until this winter season. Prices of properties keep rising exponentially and the weather or seasons have no impact on those whatsoever.
Let’s take a look at a very common case, as experienced by many realtors. It has been observed that when owners wait until spring to list their properties, face negative consequences due to the extended wait time.
For example, one seller waited until spring to list their property thinking that the street leading to their unit will make it look more appealing to the buyers. But, until spring there were other units in the same building that were listed for sale too. This created a very negative impression in the minds of buyers. They thought that there might be something wrong with the entire property and that’s why people are putting it up for sale. And there were lots of options for buyers too. So the property could not get a good price too! It took a long time to sell with a huge compromise on the price!
The point we are arriving at is that the whole market revolves around the supply and the demand. It’s not about spring and winter. In fact if it’s winter and you are listing your property, chances are that buyers will have fewer options to choose from and you might get a great selling price too!
Remember that even if you wait, buyers are always looking for property – even if it is winter. You are missing out on important opportunities. The lower inventory in winter might actually be good for your home because there will be very less competition!
Overall, make sure that you list the property when you are ready to sell – not when the weather is perceived right!
Buying or Selling your home or condo? Naz Allahyari is a top Vancouver Realtor for North Vancouver, Yaletown, West Vancouver and Downtown Vancouver.
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