Is this Spring now the best time to sell your home?

By: BRIAN C. MAYER

Is this Spring now the best time to sell your home?

Tags: #sellingyourhome #torontorealestate #lovingTosince1998

There’s no doubt, the past two years of this pandemic have been largely a Seller’s market. Therefore, is there even a defined “best time” to sell your home in 2022?

No one can predict the future, but we can look at history, which typically repeats itself. History says that springtime tends to be the best time to sell as it is when demand for housing demand typically reaches higher levels.

In reality, the best time to sell your home all comes down to the law of supply and demand. You want to sell when supply is at its lowest and when demand is at its highest. That can be difficult to time perfectly as supply has been low for quite some time now, triggering this incessant hot Seller’s Market.

Springtime is known to be a great time to sell as it is when tax return money comes in and the warm weather encourages people to get a home before summer. Although, as we see an increase in demand, we also typically see a rebound in inventory, but the question is: will we see that rebound this year with an historically low housing inventory?

Here is the one particular week that could be THE BEST week to sell in 2022:

Many analysts and Realtors alike, believe low inventory and high demand are going to reach their peaks between April 10th and April 16th of this year. This is based on historical data of when inventory will be the lowest and demand will be the highest.

Last year there were 12.9% fewer listings during that week than an average week in 2021, and the average home saw 29% more showings per listing than any other time of the year. The homes sold six days faster than the average in 2021 and 27 days faster than in 2019.

What does this all mean for the value of your home? It means you could list up to 10% higher than usual and possibly receive even more than that on offer day.

This may also be the last Spring where you can get record-high prices for your home as a potential cooling of the housing market is predicted either during this coming Fall or early 2023.

The prediction comes under the premise that prices will increase more in 2022, but as mortgage rates increase, the ongoing war in Ukraine, inflation continuing to rise or just how expensive purchasing a home has become, we might be finally hitting thresholds the market may not be as readily able to absorb. However, for the time being, most say the overall demand remains high and many attractive properties in good neighbourhoods are still generating multiple offers. 

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