“Hot markets mean competition for visitors to your property, so don’t take for granted that your house sale will generate a bidding war,” said Claude Boiron, a broker at Royal LePage Terrequity Realty, author and university instructor.
“Many sellers and listing agents who are obsessed with multiple offers and ‘clean’ (non-conditional) offers, are always aiming to get the highest possible price.”
So, don’t expect that current hot market conditions in cities like Toronto
and Vancouver will extend to every market in Canada.
But do consider that, according to brokerage TheRedPin.com
, between 2010 and 2014, homes sold for $18,650 higher in May then the calendar year average.
It also found that the typical house in Toronto
sells in 21 days during the spring season; with May being the ideal month to complete a sale, listing the first of the month gives sellers optimal time to make the sale.
“Year after year, May has blown away sales expectations,” said Rokham Fard, co-founder and CMO of TheRedPin.com
. “With the year’s sales so far, we're expecting the market to explode over the next few weeks.
“If you're planning to sell your home and see optimal return on your investment, you have [until Friday] to get it to market.”
said that along with increased listings in May come a larger pool of buyers who've been waiting to start their search when there is greater inventory to choose from -- buyers mean more competition, leading to better offers.
Aiming for the highest possible price is great, but it comes with a caveat.
“It’s not how large a number a buyer can put on paper that matters,” said Boiron. “But rather, how much money actually ends up in the seller’s bank account on closing.”
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Investment Hot Spots:
Canora, Climax, Musquodoboit Harbour, Napan Bay, Pleasant River
Spring is generally known as the hottest time for the real estate market but one brokerage has gone an additional step in identifying May 1 as the “unbeatable best day” to sell a property. Still, an increasingly complex market means investors simply can’t afford to grow complacent.