The timing of your sale can affect your selling price, and your sanity; owning two homes when you only want one is no one’s idea of a good time, but having to put your belongings in storage and living in your in-laws basement or a hotel while you wait for your new home is no fun either. You probably want to get the most money possible for your home and experience the least amount of hassle. In some situations one goal – money or convenience –  will have to take priority over the other so you should be prepared to make that decision should it be necessary.

Sell First or Buy First?

There is no right answer for everyone, but here is a simple rule of thumb:

In a buyer’s market, sell first, and in a seller’s market, buy first.

Of course, every situation is different. You may have purchased a new home that is under construction, or you may be better off selling the home after you’ve moved out (if you aren’t able to keep the home in showing condition). In general you can expect the sale of your home to take 30-90 days, this includes 30-60 days “on the market,” and 30-60 days until the new owners take possession of your home. Of course, there are seasonal variances, and different pricing strategies and market situations can affect the length of time it takes to sell. If you are set on a specific possession date you should talk to your agent 4-6 months before hand to set up a strategy that works best for you.

When is the Best Time to Sell?

There is a common theory that the spring time is the best time to sell. While spring time is the busiest time of the year for real estate sales, it is not always the best time of year to sell. There are plenty of buyers out looking in the spring, but there is also a lot of competition.

If your home is an ideal home for a young family, near a good school then there is a very good chance the spring is the way to go since families generally want to get settled in before the new school year.

If you have a condo, that is well suited for a University student then early summer would be a better time, since many parents are out shopping for their children at this time of year.

Historically in Edmonton we see a drop in average selling price almost every September or October, but as inventory starts to decrease at the end of the year we often see price increases in December due to lower competition. You also have to look at the market as a whole, it’s simple to say if prices are dropping sell as quickly as you can, and if they are increasing hold off as long as you can, but every market and every home has a “best time” to sell and we can help you determine that time.

What day of the week?

I know what you’re thinking, there is an ideal day of the week to list my home? Are you crazy? But planning the timing of your listing down to the day can be very important. If your property is well marketed and well priced, then the first weekend on the market should be your busiest time for showings (this is a good thing!). Ideally, if your property hits the MLS® early in the week, then buyers will have had a chance to check out the photos, talk to their Realtor, and arrange a time to view your home by the weekend.

Don’t forget there is a delay between your listing getting into the Edmonton database, and making it’s way to the National MLS.ca/Realtor.ca database. Coming online on the weekend rarely works since most Realtors will already have their whole weekend scheduled and last minute showings are difficult to arrange. So, depending on how quickly the market is moving Tuesday or Wednesday are generally the ideal days to hit the market.

Ideal Timing Depends on Your Needs

The best way to determine the ideal time to list your home is to discuss your situation and the market with us. We’re happy to help you make this decision in person, over the phone, or online – contact us today!

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