SHOULD I RELIST MY HOME IN THE FALL
IF IT ISN’T SELLING RIGHT NOW?
ADVICE FROM THE EXPERTS
Toronto’s real estate market has been on a hot streak so long it seemed the fire would never go out. But lately, many sellers have found themselves unable to find a buyer for their home. Should they give up and wait for the usually hot fall market? The Star asked One Group broker Nasma Ali — here’s what she said:
Waiting for the fall market instead of selling in the summer could make little difference. Since we have more inventory now, you will face high competition either way.
Homes are sitting on the market, and many will still be sitting come September as the rate of absorption is under 30 per cent, compared to the peaks we had of 144 and 129 per cent in 2017 and 2021, respectively. The window to sell in the fall will also be small, as the market starts to decline again in mid-October until the new year. However, we have started seeing a small surge in activity in the last week of August as buyers try to beat any fall buyer rush by purchasing “early.”
If you need to sell urgently, work on adjusting your price (the most important factor), offering better photographs, deep cleaning (if that was an issue), and landscaping to make your property more attractive to buyers.
Written by Amber Shortt
Date: July 24, 2024