Whether you are downsizing, upsizing, upgrading, or simply moving to a new neighbourhood or community, there are many reasons why luxury homeowners might want to sell their homes.
However, once you have decided it is time to list your luxury home on the market, the next all-important decision you will need to make is determining when to go through the process.
At The Armin Group, we have comprehensive experience helping every type of luxury homeowner sell their home in every market, and know from experience that timing plays an integral role in the success of every luxury home sale.
So, if you have been considering when the best time to sell your luxury home is, let us offer our sage advice to you here.
The Fall Market
Traditionally speaking, the real estate market as a whole tends to pick up pace come the fall, and the reasoning is quite straightforward. During the summer months, it is a popular time for many homeowners (and Realtors®, for that matter) to take vacations.
Not only does this mean the real estate market is not top-of-mind for many homeowners during the summer, but they are physically away from their homes, which makes it challenging to complete a real estate transaction.
Once fall rolls around again, vacations come to an end, Q3 and back-to-school begin, and homeowners spend more time at home again, they begin to reconsider their living situations and long-term real estate goals.
This is why real estate markets generally see an upswing in activity around this time of year, and why the owners of luxury homes prefer to do their business then. Not only will they have more time and attention to spend on properly preparing their luxury home to sell at their absolute top price, but the buyer market widens simultaneously.
With more luxury homebuyers returning from summer holidays and re-entering the real estate market at the same time, it consequently results in a flurry of activity across each echelon of the real estate market — the luxury market included.
‘Luxury’ is a term that is thrown around a lot in today’s real estate market, but what does it true luxury actually mean? Find our interpretation in our related post, The New State Of Luxury Real Estate In Toronto here.
The Spring Market
The concept behind listing your luxury home for sale in the springtime largely follows the same train of thought. During the winter months, it is a popular time of year for homeowners and homebuyers to take vacations and, generally speaking, most people are preoccupied with holiday festivities and spending time with family at this time too.
In addition, cities like Toronto that typically receive significant amounts of snow and often messy weather conditions in winter tend to discourage many potential buyers from making the pilgrimage to visit listings or physically move residences this time of year.
Plus, snow and slush are certainly low on the list of things luxury home sellers want potential buyers to drag into their perfectly manicured home during showings or open houses. For all of these reasons combined, the winter market usually experiences a lull in activity until spring comes around and things begin to change.
Just as the busy fall market follows the quiet summer market, the real estate market in the springtime comes alive once again following the winter, and it is a great time once again to list a luxury home for sale.
Concluding a long winter when buyers will have spent much of their time cooped up indoors, many growing families or move-up buyers will be very familiar with the need to expand into a larger space, and this is among the most ideal times to showcase your large, luxury home.
Are you planning on spending most of your winter at home this year? Make the most of the time you spend inside by transforming your home into a tranquil and serene getaway from the harsh elements outdoors. Here is our advice on Channelling ‘Hygge’: 5 Ways To Cozy Up Your Home This Winter.
The Advantages Of Selling ‘Out Of Season’
Despite what the aforementioned ‘universal truths’ about real estate seasons and their margins for activity say, there are also many lesser-appreciated advantages to selling your luxury home ‘out of season’ too.
For instance, competition alone is a big motivating factor for luxury homeowners to list their properties for sale in the summer or winter. When listing your home for sale in a less active market, your listing’s ‘market share’ becomes much wider — that is to say, with fewer competing luxury homes available in your local market, yours has a greater chance of catching the attention of buyers.
In addition, we can also surmise that any potential buyers who are willing to shop for homes out of the traditionally most active seasons are most likely more highly motivated to complete a transaction.
If buyers are willing to forgo holidays in the summer or winter to purchase a home or traverse through unfavourable weather conditions to personally visit your listing during the winter, then they are more likely to have what the real estate industry refers to as ‘buyer intent’.
When selling your luxury home, ensuring you earn the maximum return on your real estate investment should be your top priority. If you are looking for some expert advice, read through reference our Five Factors To Maximize Your Home Sale In Today’s Market ahead of your upcoming sale.
When Should You Sell Your Luxury Home?
When it comes to determining the best time to sell your luxury home, this decision ultimately comes down to a few things.
First, this decision largely depends on your own personal preferences of when to sell. If certain seasons are busier for you than others — whether that be work, family, or holiday-related — then waiting for a time to sell your home that works best for you is a sensible approach.
Secondly, you should also always monitor the current conditions of your local real estate market and allow that to influence your decision-making process too. The way the market moves can vary drastically not only from season to season but week to week, depending on many external factors. Keep a close eye on average property prices and total transactions as best you can to learn more about the optimal time to sell your luxury home.
Lastly, we always recommend you follow the advice of your trusted real estate representative. A Realtor® with comprehensive experience selling homes in the luxury market will be able to offer you their best advice when it comes to timing your sale for optimal results.
An experienced luxury-focused Realtor® will also be able to provide you with detailed statistics and information about current market trends that will influence the timing of your sale, as well as advice on your home preparation and pricing strategies. This information can be leveraged to maximize the results of your sale and earn you the highest amount possible from your transaction.
At The Armin Group, we have a library of experiences and past transactions selling luxury homes in Toronto. If you would like to find out more about our leadership, team, and previous luxury-focused sales, please use the links below for your reference.
The bottom line is, no matter when you decide to list your home for sale, utilizing the professional guidance and advice of a Realtor® with a history of experience completing sales within your local luxury market is the best way to approach your upcoming transaction.
To book a personal luxury home selling consultation with our team, simply Contact Us here.