Should We Sell in The Spring? Yes!
What A Year
We are all so happy to see the days getting longer, and finally, Spring is in the air. The last year has been a real challenge for all of us. COVID-19 changed all our lives. However, with the better weather and the arrival of several vaccines, things are looking much brighter.
Should We Sell?
Deciding on the best time to sell your home is a very personal decision. Many factors must be considered before you make the final decision. One of the factors is where you will be living next? During this process, it is essential to work with a Real Estate Agent, REALTOR®.
Increased Ottawa Home Prices
One of the pandemic’s unexpected impacts has been the dramatic increase in the prices of homes in Ottawa. The current Ottawa prices are the highest in history. It is assessed that this growth rate cannot be sustained, and the growth will slow, which is excellent for buyers but not for sellers.
The long-term prospects for Ottawa’s housing market in 2021 will be affected by the length of the current COVID-19 Public Health measures and the vaccines’ effectiveness. We will not be back to a pre-COVID-19 “normal’ for many months. It is also possible that the Federal Government may reduce the number of Public Servants in the NCR. The result could be less money available to buy new homes.
Spring the Best Time to Sell
If you have decided to sell, Spring is always the best time of year. The buyers are very motivated, and the number of homes sold usually increases in the Spring season. By listing your house for sale at the very end of Winter, you will be attracting the largest number of buyers. Some sellers wait for full-fledged Spring to arrive to put their homes on the market. In Real Estate, “Spring” starts in late Winter. The Spring real estate market is the longest of the year, until the end of June when people are focused on their holidays.
Reasons to Sell Now
- Spring Weather
During the Winter and with the pandemic, many people have stayed home. Now buyers are driving around potential neighbourhoods. With the longer days and the sun shining, people start to appear from their homes and want to visualize the summer ahead in their new home. They can now see what the house, including the landscaping and what the neighbourhood looks like.
- Better Time to Look for A Home
Spring is the most popular time to look for a home. As we move into summer, people focus on their holidays, especially this summer. They will wait for Autumn to look at buying a new home and getting back to school. Then in the Winter, families are busy with holidays. In the Spring, families have fewer commitments and a little more time to shop for a home and move.
- Increased Home Value
If you have owned your home for just a few years, you will have seen the value increase. This tax-free gain in your home can be used to downsize, move out of the city due to remote working, retirement, a new car, or investment property.
- Better Time to Move
It is much more comfortable for both buyers and sellers to move in the Spring. When a Spring home is listed and sold early, possession can be later in the Spring, making moving much more manageable.
- Fewer Homes Sold
In the next few months, if house and condo prices increase, fewer buyers will be able to afford the higher mortgage, taxes, and household expenses. As the economy improves this year, interest rates for mortgages may slowly increase, making homeownership more expensive and possibly reducing the rate of increase in home prices.
Spring Listings are Best
There are many reasons why listing your home in the Spring is the best decision you can make. The unprecedented increase in Ottawa homes’ value cannot be sustained indefinitely. Interest rates, including mortgages, will eventually increase, putting more homes out of the reach of many home buyers. Spring has been the best time of year to sell a house in Ottawa for many years. If you have worked with a Real Estate Agent, REALTOR®. and decided to sell your home, you should move as quickly as you can; good luck.