With House Prices Soaring, Is It Time to Put Yours on the Market?

by | May 11, 2022

Although real estate property prices in Montreal are 17% higher than last year, many believe it is still high time to sell a home in the city. However, the Quebec Professional Association of Real Estate Brokers said that sales fell by 10% over the same period last year, making some believe that the traditional high-property-buying season between March to July has crashed. But the soaring prices are also opportunities for home sellers to put their properties on the market and recuperate a big chunk of their investments.

The average price for a single-family home reached $565,550 in March, reflecting an 18% increase from last year, while condominiums averaged $402,600 in March. While the prices skyrocketed, sales plummeted to 5,493 in April, down from 6,281 a month before.

Still the Best Time to Sell a Home

Even with soaring home prices, the spring to the summer season in Montreal is still the best time to sell your property. Most homebuyers will start looking at homes at the beginning of the spring season and aim to close a deal by July. The best time to put your home on the market is right now, as homebuyers will most likely start looking between June and July.

Nationwide, May has 13.4% more likelihood compared to other months of home buying, as sales of single-family homes and condominium units usually increase by this month. Homeowners can sell their homes at a much higher price from May to July, with the former averaging $197,400 and the latter $209,000. The median price of homes in June is $206,000.

Although house prices are higher in June and July, why are sellers advised to put their properties on the market now? Prospective homebuyers are more likely to look at homes when the prices are still relatively affordable. Although June and July are the peak season for home-buying, people would rather close a better price by May.

Why Spring and Summer Are Best for Selling Homes

The weather is good throughout the country at this time. It is the best time to go around the city, look for homes, and stroll to have a feel of what it’s like to live in these neighborhoods. Families also want to be able to move to their new homes before school starts, so they try to close the deal before August.

But another reason why spring and summer are the best seasons for selling homes is daylight savings time. The warmer months mean longer days, which allow sellers to have more exposure for their listings. They will receive more offers because of more traffic to their online listings.

Also, sellers will typically have more time when school is out to accommodate potential buyers. They can deal with agents better and even conduct open houses during spring and summer. If prospective buyers want a tour of the house, sellers will usually have more free time to give them a tour during spring or summer.

The Takeaway

If you plan to put your homes on the market, start by decluttering and fixing areas that need repair. Do this before April, so you can put up a listing as soon as spring starts. You must get your house in order fast or lose the opportunity to sell it when house prices are at their highest. After July, prices will likely drop, and homebuyers will have less interest, forcing sellers to compromise on their asking prices.

Thinking about selling your house? Find out your homes estimated value here