To everything there is a season – and this includes when you should buy or sell your home!
Seasonal changes have a huge impact on the St. Catharines and Niagara real estate market. They can affect housing prices, market demand, inventory levels and more.
As REALTORS®, we’re often asked about the pros and cons of selling or purchasing a home in the spring, summer, fall or winter. Our team wants you to have the best advantage when you list your home for sale and this includes knowing which seasons might sell your home the fastest. And if you’re purchasing a home, we want you to be in a competitive position when making an offer.
Here are some things you should consider when determining the best season to move forward with your real estate plans.
Selling your Home During Spring & Summer
Typically, the spring and summer are a busier time for the housing market, with June being the best month to sell a home. During this time many sellers experience quicker sales at higher listing prices.
When selling your home, the longer days will result in better listing exposure because you can host more showings. And you’ll have more flexibility to arrange showings around work hours or family commitments.
May to August are optimal months for featuring the best your property has to offer. On the downside, it means you’ll have to keep up on outdoor maintenance. You should plan ahead for any renovations or landscaping you want done before you list your home. Spring and summer are exceptionally busy for contractors and landscapers, and they may be booking several months in advance.
If you’re buying a home, the spring and summer months are not without their challenges either. While there are more houses on the market, there’s also more competition. Many potential home buyers use the winter months to secure financing. This is one of the reasons why we see a flood of sales when houses are listed in the spring.
Even with this in mind, this time of year is ideal for getting settled without the stress of moving in poor weather, working around school schedules or unpacking during the winter holidays.
Selling your Home During Fall & Winter
The housing market generally quiets down in the colder months as many people return to work and school. However, with 2020 being a record-breaking year for the number of homes for sale in St. Catharines, the fall season can still be a busy one.
If selling your house during the fall and winter months, you should anticipate your home being on the market for longer. The colder months see less traffic for showings and open houses.
In many cases, buyers who are looking to purchase during the winter tend to be highly motivated because they could be relocating for work or are expecting a baby, for example. With less inventory, your home could have an advantage during this time and bring in a good price.
If you’re looking to purchase a home during the fall or winter seasons, you may find that there’s less competition from other buyers, especially when submitting offers. In addition to lower housing prices, sellers may also be more flexible with closing dates, which could be to your advantage.
Whether you’re looking at buying or selling your home in St. Catharines or elsewhere in Niagara, our McGarr Realty team will be there for you in any season!