It’s amazing how fast time seems to fly by. One minute, we’re enjoying an afternoon outside in the hot summer sun, then all of a sudden all of the stores are playing holiday music and Christmas trees are on display. Ready or not, the festive season is upon us!
For some people, the thought of buying or selling a home is the last thing on their consciousness. This time of year is far too busy and chaotic to focus on such a big transition.
However, others may not have a choice, and still others love to zig while everyone else zags. Depending on your situation, the holidays might be the perfect time to buy or sell while everyone else is focusing on their festive plans. In this post, we’ll talk about the advantages and disadvantages of moving during the off-season.
The Real Estate Market Slows Down
A little market research is always a good idea before buying or selling a home at any time. You want to take the temperature to see how many people are actively looking to make a change. Sellers typically like to see a lot of buyers in the market before listing their homes. Buyers want to know how many listings they may have to choose from.
The holiday market is truly exceptional in that it is typically exceptionally slow, without many people buying or selling. Obviously, it’s easy to see this as a massive disadvantage, but it could actually be a strategic move – with the right guidance and under the right circumstances.
In fact, one of our team members once listed a home prior to the holiday season and decided to leave it on the market as December arrived. They ended up selling toward the end of the month – to a buyer who was just casually searching. You just never know, which is why we often tell clients there is no “best” time to buy or sell. It all depends on the situation.
The posts below will help you make the most of your transaction, whenever you decide to buy or sell:
- Our Top Tips for a Streamlined Move in Toronto
- Should You Buy or Sell First in a Shifting Market?
- Five Real Estate Myths: Busted!
The Case for a Holiday Move
The season is hectic; the real estate market is slow. Why would anyone ever decide to buy or sell during what seems like such a disadvantageous time? One of the most compelling reasons is that, while there are fewer people in the market, those who are looking are highly motivated.
Often, someone buying or selling during the holidays doesn’t want to move – they need to move, and they can’t afford to wait. Since there are fewer options available, you may actually have more negotiating power than you would during a busier market. That said, there are no guarantees. Plus, you also need to consider your next steps.
For example, what if you successfully sell but then can’t find a new place before your closing date? On the flip side, you might find the right house to buy but be unable to sell your existing home on time.
Looking for ways to improve your results when selling? The posts below can help:
- Selling Your Home? Here’s How to Maximize its Value in Any Market
- Home Renovations to Avoid When Selling
- What Is Your Home Worth Today?
Why Being Flexible Pays Off
If at all possible, we recommend taking your first steps from late fall to early February rather than in the middle of the holiday season. This strategy vastly improves your chances of a successful transition.
When selling, it might be possible to find a buyer in December. However, listing in late October or early November allows you to capitalize on the tail end of the fall market – one of the busiest times in real estate.
Alternatively, you could wait until early January to mid-February. You can take advantage of any stragglers from the holidays. Plus, many buyers will be ramping up for the spring market, and listing early can give you a head start.
Whenever you can be flexible, you automatically have an advantage because there’s no urgency. Moving when you want to rather than waiting until you have to always gives you a competitive edge. A local real estate agent well-versed in the nuances of the current market can help you make the most of your situation.
Smart buying begins with a plan, and the posts below can help make your purchase a success:
- What You Need To Know About Buying A House In A Changing Market
- 10 Mistakes Buyers Make and How To Avoid Them
- How the Government is Helping First-Time Buyers in Toronto
The Importance of Being Prepared
In real estate, timing is often far less important than strategy. When you’re selling, it only takes one buyer for a successful transaction. When buying, you don’t necessarily need a flood of homes on the market. You just need to find the right one in a location you love and at a price you are happy with.
The trick to selling a house even during a slower time comes down to what real estate experts call the 3Ps: price, presentation, and promotion. In other words, a beautiful home, priced fairly, and exposed to the highest number of qualified buyers. In many cases, quality matters far more than quantity, which is why some people actually prefer to list during the quieter seasons.
When buying, early preparation is essential. You can give yourself a massive advantage by getting pre-qualified for a mortgage in advance. This allows you to create a realistic budget, which in turn helps you zero in on the features and location you desire.
Whether buying or selling, expert guidance can be the determining factor in achieving a successful outcome. Real estate transactions require a combination of training, experience, and a constant pulse on the local market. A knowledgeable agent negotiating on your behalf is the best resource you can have in your corner – no matter when you decide to make your move.
Do you want help creating a winning strategy for your move? Our team is here to guide you from start to finish. Reach out to Erica@EricaReddy.com or call 416.443.0300 to take the first step.
Meet The Erica Reddy Team
Find out how our specialized skill sets and extensive Toronto market expertise empower your real estate venture.
