Should You Sell in a Slow Season?
A slow real estate season is defined as a period of time that has less activity — fewer listings, fewer transactions, etc. — than other times of the year. In many areas, the slow season is in the winter, but it can be at other times as well.
The question you really want to ask is, “If I sell today, how much am I likely to get for my home, and how long will it likely take to sell?”
Should you sell your home in Metro Vancouver if it’s a slow market? Find out in this guide.
Table of Contents
Should you sell in a slow season?
Selling in November or December?
Lower your Price to Sell your Home Quickly?
4 Final Tips for Selling before the End of the Year
So, should you sell in the slow real estate season?
The question you might be asking is, “Does it make sense to sell in a slow season?” In most cases, the answer is yes.
Why? Consider the following:
First of all, just because there is less activity in the local market doesn’t mean the market isn’t tilted in your favour. It might, in fact, be a seller’s market, with some eager buyers just waiting for a property like yours to become available.
Also, a listing tends to stand out more when there are fewer competing properties for sale. So, if you sell now, your listing will likely get noticed. It is also worth considering what the market might be like if you wait a few months before selling. The real estate market is notoriously difficult to predict.
It might, in fact, end up being less ideal to sell a few months from now than it is today. If you’re worried about whether your home will sell in a slow market, consider this: Properties sell all the time and in every kind of market.
Yours can too. So, the question shouldn’t be “Should I sell today?”
Feeling Cool about Selling in November or December?
If you need to sell your home in the next month or two, you might be worried. After all, aren’t spring and summer the ideal seasons to list your property?
If you list in November or December, you might have difficulties attracting buyers and getting the best price for your home. Right? Not necessarily. While it’s true that spring and summer are traditionally busy periods in the real estate market, properties do sell every month of the year.
So, if you’re thinking of selling, you’ll need to know two things:
- What comparable homes are selling for at this time of year.
- How long homes are taking to sell, on average. There might be a local seller’s market this month. That would mean there are more buyers looking for homes like yours than there are sellers.
If that’s the case, your property will likely sell fairly quickly; perhaps you’ll even get multiple offers. But, even if there’s a buyer’s market at this moment, that doesn’t mean your property won’t sell. It just means your home will need to be staged and marketed effectively to attract the right buyers and pique their interest in making an offer.
Regardless of the market, chances are, there are buyers out there looking for a home like yours. They just need to find out about it, become interested in viewing it, and be wowed when they see it.
So, don’t be too concerned about the month. If you’re ready to sell, there’s a way to make it happen
Will You Need to Lower your Price to Sell your Home Quickly?
If you want to sell an item quickly—say, a couch— you can post it online, stick a super-low price tag on it and, chances are, it will be gone by the end of the day.
So, it’s understandable that some people think the same thing applies when selling a home. Indeed, if you need to sell your property quickly, you might assume that setting a low listing price is the best way to make that happen.
But that isn’t necessarily true. The fact is, the list price is only one of many factors that determine how quickly your home will sell—and for how much. For example, if your home is in high demand at the moment—given its characteristics, neighbourhood, move-in readiness, and overall desirability—then it may sell quickly at its current market value or even a little higher.
On the other hand, if the market is more of a buyer’s market, setting a list price that will attract qualified buyers to your home, and away from comparable listings, may be important. But that doesn’t necessarily mean you need to low-ball the price.
Keep in mind there are many other things that can help get your property sold quickly, such as how skillfully your listing is promoted and marketed, how well your home shows to buyers, and how flexible you are with your closing date.
4 Final Tips for Selling before the End of the Year
It may only be August, but if you’re thinking about selling your condo—and you want to be happily ensconced in your new condo by the end of this year—the next few months will go by faster than you might think.
So, it’s essential you start the process now. Here are four tips for getting things going and helping ensure you’re able to sell and move before the New Year’s Eve party horns blow:
- Start now. The earlier you begin the sales process, the sooner you’ll sell. Getting started now also gives you more elbow room, so you don’t feel rushed.
- Understand the process. If you’re unsure how the process of selling your condo works, find out. The more you know about the steps involved, the easier it will be to take those steps.
- Find out what your unit needs. You want to make your condo look as attractive as possible to potential buyers. So, get an analysis done on what repairs, improvements and staging your unit needs to show well.
- Get the numbers. Learn what your condo will likely sell for in today’s local market. Most units sell for at or near their current market value—and that can be calculated. It’s important to remember that you don’t have to do everything on your own.
For example, when you’re decluttering, you can hire someone for a day to help move out items for disposal, donation, or sale. It’s getting the process started that is most important.
If you do, you’ll be in great shape to sell before the year is out.
