The secret is out, The month of October is one of the best months for selling residential real estate.
Ok maybe it's not a big secret, but it's certainly worth discussion,
Let's look at the numbers first.
The Toronto Real Estate Board announced sales stats for September housing sales. Housing prices continued to rise with the average price rising to 20.4% in September. The number of sales also jumped 21.5%. The average detached house price in Toronto increased yet again to $1.29 million This number is up 23% from the same time last year.
This leads me to my point, October is a good time to list your home for sale.
Perhaps you are considering a move, thinking you missed the mark this year. Your plan is to sell next spring, that's the best time to put your home on the market right?, think again....October just might be the perfect time.
Here is why.......
By selling your home in October, you have the benefit of recent sales numbers on your side. The value of your property has increased based on the sales and sold prices in your neighborhood. The same semi-detached house is worth more in October compared to say, May or June. Who knows what the following spring/summer has in store for the residential market. We can take a chance and listen to the experts but they aren't always right.
From April to July sales are picking up momentum. The spring and summer is when most people put their homes up for sale with spring being the most popular. The most inventory is on the market and buyers have more to choose from.
September usually shows a slow down because most families are enjoying the last of their summer holidays and visiting their cottages for the Labour Day weekend. School starts for the kids and everyone is getting back into work mode. September tends to be quiet however this year we see continued growth. Generally, things cool slightly during this month.
At the present time, in the GTA, we have seen value go up over 20%. Even the Huffington Post noted in May that Toronto housing prices were increasing by $500 a day.
I know what you are thinking, "Sure my house will sell because its a sellers market, but where will I live?" I suppose if you wanted to buy the same house in the same neighborhood you wouldn't find any advantage to selling your house in October. There are many options and yes, even a few deals to be had out there. I've seen some crazy prices but I have also observed that people don't overpay for their homes. It is safe to say that overall, market value is what people are paying.
Here are some tips to keeping a profit when buying a home after selling in this market.........
Move outside the city, if you live in Richmond Hill, look further north to Aurora or King City. The farther away from central developments, the less money you will pay.
Purchase a home that needs some work, buy that house with a separate entrance for a basement apartment and do some renovations over time. Give yourself a plan to complete a project over two years. You will see the value over time and still have some extra cash for your downpayment.
Downsize, do you really need the space you have now? how much square footage do you really need? If you are willing to buy a smaller home, your pocketbook will be larger.
If you have little to no mortgage, consider selling your home and purchasing two condo units in the same development. Live in one and lease the other. Condos can be less expensive to purchase and maybe that sale of your home will pay for two units with one earning income to pay for the other.
There are many clever ways to profit from this real estate boom, a Realtor can definitely advise you after some discussion of your needs and wants.
Perhaps the next time you hear about the spring real state market you will think about October and all the benefits it holds for selling your home.
For more information, check out my website:
www.roxannepuder.com
Ms Realtor
