When is the best time to sell your home? Most people have the idea that the summer months are the best time to sell your home. I'm writing this to explain why January is the ideal time to sell.
There are less homes for sale.
This should be no surprise to anyone that there are less homes listed in January than in July. However the actual difference might surprise you. According to the graph below, (provided by The Saskatoon Region Association of REALTORS®) The average amount of new listings in July over the last 5 years is 956 and the average amount of new listings in January over the last 5 years is 346. That means on average, you are competing with over 276% more listings in July than in January.
There is a higher Sales/List Ratio
(Sales/List Ratio is the number of sales compared to how many listings there are)
A lot of you reading this might be thinking the same thing. Who cares if there is more people listing in July? because there are more buyers in July. While you are correct that there are more buyers in July. The number of sales per home listed, is actually higher in January. Going back to the graph below, we see that the average number of sales in July is 417, with the average amount of new listings is 956, that gives us a Sales/List Ratio of 43%. Now compare the average number of sales in January is 187, with the average amount of new listings is 346, we get a Sales/List Ratio of 54%. That is an 11% higher Sales/List Ratio in January.
Serious Buyers Only
If you have sold your home before, you know that having your home available for showings is important. Your time is also important, and it can take a lot of your time having to leave your house for showings. You don't want to be wasting your time with people who aren't serious about buying your home. That is why listing in January is better for getting serious buyers through your door. People are more likely to "window shop" when the weather is nice outside. During the cold winter months, a higher percentage of the people that come through your home will be serious buyers.
If you are looking to sell, call or text Levi Dziadyk today for a free Market Evaluation on your home.
Graph provided by www.saskatoonrealtors.ca