Selling your house to move on to a new home is one of the most impactful decisions you can ever make. With that resolution in mind, the next big question becomes “when.” Then there’s the analysis of the market itself. 

Is it even a good time to sell, or should you wait until things get better? Real estate is always in motion, and it makes sense that you want to list your home at the best possible time for maximum impact. 

However, it’s even more important to sell your home when it is aligned with your personal goals and lifestyle. With so many small details to attend to, you want to be sure you are making your transition at a time when it will cause the least amount of stress and disruption in your day to day life.

In this post, we’ll examine seasonality, the types of markets, and whether or not any of these should impact when you decide to sell a house in Burlington or Hamilton. 

Four Seasons of Real Estate

Years ago, the seasons of real estate were so steady that you could almost set your calendar by them. It didn’t take much analysis to know that spring was when most of the action took place. That’s when the buyers were out searching, so naturally, that’s also when many homeowners decided to list their homes for sale. 

Back then, everyone knew that summer was a “terrible” time to sell. Everyone was outside making the most of their all-too-short vacation, and very few people engaged with the market. The only worse time to sell was the winter, because who wants to venture out in the snow to look at houses?

If you missed the spring market, the advice was usually to wait until fall, which was almost as good. Does this same advice hold true in the current market? The answer is–it’s complicated. 

What Has Changed Over Time

The last two years have been hectic and have turned standard real estate wisdom upside down. For example, during the pandemic, the winter was one of the busiest seasons we have ever seen for housing sales. Though things have returned to a state that is a little more familiar, waiting for the best season may be a thing of the past. 

During any market, there will always be someone looking for a home and someone who wants to sell. Selling during an “off” season may mean there are fewer buyers in the market, but those buyers could be far more motivated than when times are busy.

The demand for houses in both Burlington and Hamilton keeps growing. Below, you’ll find a few reasons why:

• Do Staged Homes Sell Faster In Hamilton-Burlington?
• Top 5 Hamilton Neighbourhoods For Families
• Why Are Toronto Residents Heading To Hamilton And Burlington?

The Real Estate Pendulum Never Stops

You could also compare the real estate market to a giant pendulum that swings back and forth. It may stop and hover in one place a little longer than usual, but change is inevitable. In the short term, prices can rise and fall as demand surges and diminishes, resulting in conditions that look like one of the following:

• A Seller’s Market
• A Buyer’s Market
• A Balanced Market

Selling during a seller’s market is widely considered the gold standard if you want a fast sale and a high price. However, what many people don’t realize is that any market can be ideal if you have the right guidance and a solid strategy.

Do you want to know more about the types of markets you might encounter? Here’s some related reading you may enjoy: Buyer’s Market, Seller’s Market Or Balanced Market?: What They Mean, And Where We Are Now 

Should You Wait It Out?

Whether you act now or wait for a more optimum time depends on why you want to move and where you are going. If you’re moving to take advantage of a once-in-a-lifetime career opportunity, time may be a luxury you do not have.

Alternatively, if you’re selling your home to move to a less expensive area, it might be worth your while to sell now, even if market conditions aren’t entirely in your favour. And then there’s that old saying to watch out for, “Be careful what you wish for.” 

Imagine that your wishes come true and real estate values soar just as your house hits the market. Chances are good that the price of the home you want to buy will also increase. This can negate any advantage you gain from a “better” market. It also removes the pain if prices are down because you pay less for your new home.

The bottom line is that there are advantages and disadvantages to selling in every market and every season. If you truly want the best results, moving when the time is right for you is usually wiser than waiting for outside factors that may never fully align.

The Market Under the Microscope

Could the real estate market be at a standstill everywhere but there’s a bustle of activity right in your little neighbourhood? The idea may seem strange, but anomalies like this happen all of the time. Real estate agents often refer to these as niche markets or micro-neighbourhoods. Alternatively, certain types of houses may sell quickly while others sit on the market and generate next to no interest.

For example, in 2020, many condo owners decided en masse that they wanted more space, a backyard, and a driveway. As a result, finding a buyer for a condo became more challenging while the demand for single-family homes soared. 

Many listings, particularly in the most family-friendly neighbourhoods in Hamilton and Burlington, received multiple offers. It wasn’t uncommon for these homes to sell quickly and receive well over the asking price.

In another example, as housing prices rise all over the province, first-time buyers turn their eyes to condos and townhouses in up-and-coming areas. 

Knowing what is happening in your little pocket can help you enjoy a successful sale during what seems like a slower market. An experienced real estate agent who is familiar with these micro-neighbourhoods can help you get results.

Do you want help to create your selling strategy no matter what the current market throws at you? Book a free seller’s meeting here, with no obligation. 

Outside Factors Can Change Everything

Real estate may seem unpredictable, but nothing happens in a vacuum. The demand for houses of all types in every area is on the rise, but outside factors can still affect the market, often having an overnight impact. Just look at the effect of interest rate increases. When borrowing becomes more expensive, buyers take a step back. 

• Some potential buyers simply can’t pass the stress test that accompanies higher rates. 
• Others want to see a drop before they jump back into the market. 
• And some people forge ahead undeterred because they know the value of owning a home is forever, while high interest rates are temporary.

Inflation can also affect prices and how quickly houses sell. If both interest rates and inflation are high for extended periods of time, it can result in a buyer’s market even during traditionally busy seasons. Prices fall, and houses stay on the market for longer.

When interest rates are low, demand often picks up as buyers jump in to take advantage of lower borrowing costs. This is what happened in 2020 to 2022, when the Bank of Canada reduced the prime rate to historical lows. The result was a hectic seller’s market smack dab in the middle of winter, when sales should have been slow. Prices soared, and houses in desirable cities like Hamilton and Burlington got snapped up quickly. 

Overcoming Seller’s Remorse

What happens if you sell your house only to find that the market picks up afterwards? Market fluctuations over the short term are a fact of life. However, knowing that doesn’t make it any less painful when you hear that prices shoot up after your transaction has already closed. You can’t predict what will happen, but there is a relatively simple way to soften the blow:

Whatever you do, sell and buy in the same market.

At first, you may feel dismayed when you realize you could have earned thousands of dollars more by waiting just a little. However, if you buy quickly in the same market, you will also save thousands of dollars on your new home. When you understand the value of staying within the market, you are no longer at the mercy of short-term fluctuations. 

You won’t worry if prices increase after your house sells, and it won’t faze you if values drop after you’ve made your purchase. Instead of stressing about what you may have missed out on, you can focus on what you gain by owning a home over the long term.

As the population grows and the word gets out about the benefits of living in Burlington or Hamilton, real estate values will keep growing as the years go by. The longer you are in the market, the more your equity and purchasing power will grow. In the big picture, temporary losses seem inconsequential by comparison.

Pricing is critical before hitting the market. If you want an accurate picture of what your home is worth, book a free home evaluation here.

Strategic Planning for Any Market

Having a plan in place for a successful sale means you no longer need to rely on the whims of the market. A local real estate agent can help you determine who your most likely buyers may be and help you prepare and market your home accordingly. 

Timing doesn’t have to impact when you decide to sell your home and move on, but it might affect what, if any, renovations you perform before your listing goes live. 

• In a fast market with plenty of buyers, a deep cleaning and decluttering may be all it takes. 
• When sales activity is slow, you may need a little more preparation to make your home stand out. 

In any case, the most important piece of the puzzle is to hit the market with a compelling price point based on accurate and up-to-date information. 

• If your price is too high, you will likely generate less interest right out of the gate. This means it will take longer to sell your home and could mean you eventually lower your price anyway. 
• If your price is too low, you undermine the value of your home and may not earn as much as you should from your sale.

A Realtor® with a pulse on the market can perform a CMA (Comparative Market Analysis) that factors in the size, number of bedrooms, location, and condition of your home. Even more importantly, they will look at statistics from recently sold listings in your neighbourhood. 

The result is an optimal price point that generates maximum interest from buyers while allowing you to capitalize on the full potential of your sale. When all of these pieces fall into place, you can list your house with confidence in any market on your own terms and when the time is right for you.

Are you counting on the best results when selling your home in Burlington or Hamilton? We are here to guide you every step of the way. Reach out 905-512-5323 or hello@theoreillygroup.ca to start the conversation.

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