Selling Your Home During the Best Spring Market Ever? Here’s how to do It!

The Toronto housing market is unquestionably one that has gone through many faces of change just in the last year. Last year at this time, the market was super hot and relatively plain homes were suddenly in the million-dollar neighbourhood. Then the summer, and the new mortgage rules, came and sales of all types virtually stopped. But now, one real estate agent in Toronto says that this is the best spring market ever; and he has tips for sellers that are about to list within it.

“It is the spring right now,” says Patrick Rocca, commenting on how what’s usually seen in the spring, is actually being seen much earlier this year. But, it will be different from springs past.

“There was a lot of stupidity last spring,” he says. “I don’t think we’ll see that again.”

And while he says that there really was no fall market in Toronto, he also says that seems to have abated and the market is once again very busy. The best news of all for sellers – it’s busy with buyers. In fact, there are more buyers than sellers right now, according to Mr. Rocca.

But, he says, you still have to know your game plan – and know how to create one that will work for you.

Mr. Rocca says that while buyers are out there, they’ve wizened up since last spring; and now they’re probably not going to pay those astronomical prices that they were last year.

Mr. Rocca estimates that prices have already fallen by about 8 per cent in most markets. Buyers know this, and they won’t be willing to pay more than what the property’s worth.

He says that although a bit early, sellers should list their homes now in order to beat the even busier spring rush. He also says that anyone who has listed their properties before, and is about to re-list them once again, should consider reducing their prices to attract more offers.

So how do you know just how much to reduce, or where to start your asking price off originally? Mr. Rocca says to look at what homes were selling for in December – not last spring. That’s the only way he says that sellers, just like him, can enjoy “the best spring season ever.”