It's always interesting to watch the start of the spring real estate market in Toronto. Technically the spring market runs January thru the end of May however the market heating up seems to depend a lot on the thermometer.
In colder years with lots of snow, the market starts slow as no one like slogging through adverse weather conditions to look for a house. As a result there may be a back log of buyers with no product (houses) to buy. That can contribute to bidding wars once the weather cooperates and the first round of houses goes up for sale.
Some sellers may sit back and wait hoping to capitalize on the buying frenzy. This may work for some but your timing has to be absolutely perfect. If you wait too long, you could miss out. If you list to early, there may not be enough buyers ready to pull the trigger as they wait for more product to be available.
Strategy and Tactics
Here are some best practices suggestions:
1) If you are thinking of listing, talk to your realtor and make a list of items to fix, paint, plant, decorate or declutter
2) Start working on the list now so that should you decide to list, you are ready to come out of the gate absolutely ready
3) Don't spend money on fixes that won't net you your money back out.
We have been seeing a trend in the past 6 months of real estate transactions being down and housing price up. Worth considering if you are looking to sell.
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