Conventional wisdom holds that the best time to sell a property is in the spring and that selling in the fall is a mistake. But an industry analyst is telling agents that listing in the fall may yield just as good, if not better results.
“Outside of the fact that we have no idea where interest rates or the national and global economies will be next spring, the data points to a number of reasons Canadians should feel comfortable selling in the fall,” say Walter Melanson, lead analyst for PropertyGuys.com.
Among the reasons to consider asking clients to sell their properties this fall, Melanson cites the fact that September purchases have been on the rise, with the national average sale price rising 5.9 per cent on a year-over-year basis between September 2013 and September 2014. He also pointed out that last year Canadian home sales declined 1.4 per cent from August to September, but the number of newly listed homes actually declined 1.6 per cent in the same period – meaning a slightly larger percentage of listed homes were actually sold in September.
Sahil Jaggi, a realtor at RE/MAX Realtron and owner of Mink Homes Inc., agrees with Melanson that fall can be a good time to list, but has a warning: “You have to price it right in September. If you don’t, it will sit and the next thing you know it’s winter.”
Jaggi says September is the golden month, as anything sold in October will likely have a December closing date and “buyers don’t want to move in at Christmas.”
He adds that he recently completed construction on a new home and “planned it in a way that it was going to be listed in the fall.”
“People are busy in the summer, but in the fall I feel, psychologically-speaking, they are in a back-to-business mode.”