Is it preferable to sell or buy your home in the spring or in the fall?
The ideal response is always determined by your objectives and life constraints. Choosing the best time to sell or buy your house can be difficult. Many factors must be considered, including your family's preferences, your children's school, work arrangements, and many others.
And, while you're thinking about how to sell your property, you should also be thinking about how to find your next home.
New Listings vs. Sales
Typically, the numbers fall between November and February. As a result, there will be fewer listings on the market. Almost every time we leave spring highs, there is a slight uptick in the fall around September. Then it falls during the winter.
The noteworthy element is that there were just two occasions when the number of new listings was lower than the number of transactions. This pattern was observed between November 2013 and February 2014, as well as November 2021 and November 2022. The rest of the data shows that there were more listings than sales during the winter months.
Inventory Months
Months of Inventory is the link between the rate of sales and the quantity of properties on the market. A seller's market is defined as having two and a half to four months of inventory. A balanced market lasts about four months, and a buyer's market lasts more than six months.
Calgary was in a seller's market in 2014. It is the same as it is now, but the months of inventory this year are much lower than we have seen in a long time.
Only in 2020 has there been a considerable increase since 2015 to 2019. For the past five years, Calgary real estate has been in a buyer's market. Nonetheless, we have been driven into a seller's market right now.
Increase in Costs
This graph depicts the relationship between sales and inventory. Prices tend to rise when there are fewer listings on the market than sales, as seen in 2013 to 2014 and 2021 to 2022! And as the gap between sales and new listings widens, prices begin to fall.
Last spring, in 2021, we saw the benchmark price of homes match what we observed in 2014. And now, with all of the changes in Calgary, that number is much larger.
According to the statistics, vendors will see more purchasers in the spring than in the fall. However, competition is fiercer in the spring than in the fall. There will most likely be less competition if you are in a market where prices are decreasing.
There are a lot of new listings on the market right now, and there are also a lot of sales. That implies the Calgary real estate market will be very active in the spring. As a result, this spring will most likely be better than the fall.
Although interest rates are changing right now, this does not necessarily imply that the market will slow. Many people from outside Calgary are hoping to relocate here in the near future, therefore the market has seen an increase in buyers.
Life Style
Aside from looking at the figures to strategize, you should also consider your lifestyle to construct a strong plan.
It may be simple if you have a rental and reside in another house. However, if you must sell your current home before purchasing another, your family life may be severely disturbed.
It may be difficult if you have a buyer for your property but do not yet know where to relocate. Whether it's your children's school, a desire to be near a specific sports area, or whatever the case may be, family life can decide when you can actually sell.
In general, selling your home over the next year or two will be beneficial because property prices have risen significantly. Even if you purchased your home in 2014 or 2015, you will see equity.
The most important thing to remember when looking for your next house is to have a strategy. Whether you are writing many offers while waiting or simply waiting patiently, you must have a strategy and a plan in place to act quickly when the perfect home comes along.
Once you've found your next house, you'll need to plan your relocation and get everything in order. Do your studies and extra work ahead of time so you can move rapidly on the backside. Your goals may not come to fulfilment, but at least you have some ground rules to follow.