There are so many variables like seasons and holidays that affect the local real estate market. In Canada we probably witness seasonal effects more than other areas of the world so people often group ups and downs each year with the seasons, ie. spring real estate season being the busiest. It’s important to understand their are other variables, unrelated to the season, that effect each market. Buyers and sellers need to understand these variables to make their best decision buying or selling property.
One thing that determines consistency in a real estate market is the local economy. Not just the state of the local economy but the depth and diversity. Residents of small markets feel the impact of economic variables greater than a larger more diverse market.
What tends to affect a market most are things that happen consistently each year, like the start of the school year or time before and after Christmas. However winter also plays a role. I know most people would prefer to move before it’s cold and snowy. The chart below shows the spring months being the busiest for real estate sales. This is probably because it warmer and easier to move but also because buyers want to be in there new home before schools start and before snow flies.
Knowing the right time to sell is very important and its determined by a mix of variables and the time of year. If you are only planning to buy you might plan differently than if you have to sell your home prior to buying a new one.
Knowing the market is much busier in the Spring makes it a great time to sell. If a seller understands general buyer behaviour they can plan a strategy positioning their home to sell at the most opportune time.
There are so many variables that influence each real estate market. Knowing how the market changes each year is important but knowing how it can affect pricing and sales numbers is more beneficial. You can earn more for your home with a selling strategy and the same holds true when buying. With a buying strategy you can make a better deal . An experienced Realtor® can guide you…