We hope to answer questions received from clients, The Most frequently asked Real Estate question in Victoria BC is;
When is the best time to sell my property in or around Victoria BC?
Most Realtors will say, "NOW" is the best time, and they will say this in any market, any time of the year.
In reality the right time to sell is often dependent on the timing and schedule of the seller, and as such external issues may trump the typical market driven indicators.
External issues like Jobs, careers, health financial, birth, death, economy are not things we can control or ignore and as such if your decision to move is driven by one of these reasons, we would often suggest that sooner is likely better than later. But in the end your own time line will be affected.
Other than the above external reasons, the typical seasons with the largest number of sales are Spring and Early Fall.
The reasons for these seasons are typical and somewhat historical. Many people want to be moved and settled in before the new school year starts (September) back date from this intention. In addition many people want to wait will selling until the yard and garden looks its best. The early fall period is equally obvious for similar reasons, still good weather, and the summer and winter holiday seasons are the least affected.
We stated that Spring and Fall In Victoria BC, are the seasons with the most sales, however that is not at all the same as stating that they are the Best seasons to sell..... for Financial reasons....
Real Estate is just like any other commodity or product where value and pricing is very much determined by supply and demand.... So if you are a seller, and want to pick the best time to be selling in order to get the best possible price, it would be logical to be on the market when there are lots of buyers and when there is fewer properties for sale......
You then would want to know when those financially advantageous periods are during the year, correct?
Well, typically the financially best times to sell are either very early in the year as well as the period near the end of the year. These are the few times of the year we know that inventory is low, and the demand will out pace the existing inventory.
This does not mean that properties will all of a sudden will sell for much more than during the rest of the year. It just means that within the trend of the market you will find a slightly better outcome, a little better price, a little faster sale or slightly better terms or conditions.
In conclusion, As we know that most people will sell in order to buy elsewhere within the same market place / territory, if you find the right time to sell, it often means that it is the same type of market to buy and unless you change to a different type of property to buy, your purchase will be affected by the same market conditions when you buy as when you sell.
So in the end the best time to sell is when you decide is the best time to do so, and it would be most beneficial to place more significance on your own priorities rather than having other say what is important to you.
If you are planning a change of property type from say a big house to a much smaller property the 2 different property types may see different market conditions and as such some timing strategies may offer important advantages for you. There are some other personal situations, property types, and transitions that may benefit from deciding on a more deliberate timing strategy to optimize the sales results.
We have put together many tools and offer free copies as well as consultations to assist you in determining what is your best time to sell would be. Don't hesitate to check out our web site at www.pfanntastic.comor contact us at (250) 213 9490 and talk to Peter or Linda Pfann how we can best assist you.