With winter coming to an end, there’s a lot of competition in the market; we want to provide you with some insight and tips to help you sell your home this spring. We took a deeper look at the 2018 spring housing market in various parts of the country and some specific
What does the 2018 spring market look like?
If you live in Vancouver or Toronto, you may have heard that this year’s spring housing market is on a downturn. The first quarter of the year saw a plunge in sales in these areas due to changes in mortgage regulations and tax fluctuations. The Canadian Real Estate Association (CREA) hypothesizes that the market has slowed because people are uncertain about how the government policy changes will impact housing prices.
Of course, the market in each region and city will vary because different factors impact the trends. For example, other regions in Canada are seeing more active markets than Vancouver and Toronto:
- Calgary’s real estate market is expected to stay stable throughout the year
- According to the CREA, Montreal and Ottawa experienced a surge in activity at the beginning of 2018
- Economists predict a positive outlook for Quebec and the maritime provinces
Is this the right time of year to sell my home?
This month, we looked at how the seasons affect home sales, specifically springtime. We also checked in with Royal LePage realtor Shawn Zigelstein to gain some experienced insight on what he sees in Canada’s market activity and how it can help you. Zigelstein sees many families with children listing their homes during the spring with the hope of closing sale on their homes at the end of June or in early July—that way they can move in the summer, when their kids have finished school and when they have enough time to settle in to a new home before the new school year.
Your home’s potential to sell will also vary depending on where you live. In Toronto, for example, Zigelstein is already seeing more listings and more sales since the spring began. In his experience, people are quick to list their homes as soon as the weather improves, because they can take advantage of spring’s natural beauty.
If you live near the mountains or somewhere else that snow might be a selling point, you can take advantage of the prolonged winter and capitalize on your proximity to ski hills. On the other hand, if you have a lakefront property, you may want to wait until the weather is warmer when you can highlight how your property enhances the summer experience.
What do I need to know before listing my home this spring?
A consideration for those selling their home in the spring is the competition. This time of year sees higher competition than in other seasons; recognize that potential buyers are likely to be considering several other properties, as well.
Research the market in your area to ensure this spring is the best time to sell. Getting to know your competition will provide insight into how to best price your house; you’ll also see what other homes in the same price range have to offer and use it to inform how you position your house.
You should also assess your home in preparation for its sale. Establish its unique qualities that you can capitalize on, and determine how much time you’ll need to spend on improving parts that require some extra attention.
How can I improve my chances of selling in the spring?
1. Heighten your curb appeal
Zigelstein agrees that your number one priority for selling in the spring is to heighten your curb appeal. Spruce up the outside of your home to make a stunning first impression. Draw potential buyers in by planting flowers, mowing the lawn, and grooming the trees and hedges. Adding some garden décor could also enhance your curb appeal. New doormats, planters, or a fresh coat of paint on your fences could really make your property pop!
2. Spring clean
Spring cleaning is another major consideration. De-clutter and organize your belongings in the home to make it more inviting for potential buyers. While cleaning the inside of your home is important, it’s especially valuable to spend extra time on the exterior of your home. Power washing your exterior windows and walls will give your home a sparkle and shine that will accentuate your overall curb appeal and demonstrate how well-cared-for your home is. Having a clean driveway, porch, and rain gutters will also contribute to your home’s allure.
3. Touch up the interior
Some sellers think that taking on major renovation projects within the home will help it sell. While something like a structural repair could be beneficial especially if required, a large-scale overhaul like a new roof could cost more than you’d earn on the sale. Instead, sprucing up your home in smaller, cosmetic ways could be more valuable. Touching up the paint or installing new kitchen cabinets could be enough to give your home a fresh new look while leaving any major changes (and the additional cost!) up to the new owners.
Of course, every home is unique, and the housing market can be volatile. If you need support when selling your home, a realtor can help you assess your home’s strengths and areas of improvement and provide you with specific tips on selling your home. Zigelstein notes that if your home is loved and cared for, potential buyers will recognize it and comprehend its true personal value.