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For most homeowners in the Bay of Quinte Region, their home is also their biggest asset. When it comes time to sell, you’ll want to be informed of local market trends to make sure your sale is as successful as possible.
If you’ve previously purchased or sold a home, you may have heard about “seasons” in real estate, i.e. certain periods during the year when homes sell for more or less money, along with a variety of other trends. If you’re thinking about selling your home, you may have wondered if there’s a right or wrong time of year to enter the market.
While certain months will have more active buyers than others, there’s never a “bad” time or season to sell your home. However, understanding seasonal trends in advance and working with an experienced agent will be the best way to find success in the market.
In addition to seasonal changes, real estate in the Bay of Quinte Region is also greatly impacted by rising Canadian interest rates. Learn more by reading our blog post on the topic here.
The Winter Months
In addition to being the coldest months of the year, winter is typically the slowest season for real estate in the Bay of Quinte Region and most markets in North America. From November to February, fewer homes typically enter the market and those that do tend to take a little longer to sell. As you may expect, the driving factor for this slowdown is reflective of human habits during this time of year.
For most Quinte residents, winter is busy. With the already hectic bustle of the holidays and most residents only having a limited time away from work or school, fewer sellers are willing to add a move to their plate.
Of course, there are some instances where sellers don’t have the option to wait for spring or summer. The good news is that selling your home during the winter months can still help you land a good price. There is always a small pool of buyers active during the November to February stretch, and with fewer homes on the market, winter sellers have a strong opportunity to make their property stand out.
Looking for more resources to help you maximize your home sale? Explore these blog posts.
Selling in Spring
Most years, the difference between the winter and spring real estate markets is night and day. As the weather gets a little warmer, real estate in the Bay of Quinte Region also begins to heat up. From March to May, the market sees a greater volume of both listings and transactions. Homes often spend less time on the market and increased buyer competition can nudge prices up a little bit. The peak of the spring market – May, is often the one of busiest months of the entire year in terms of total sales.
Once again, the busy nature of spring real estate is primarily influenced by broader lifestyle trends. As the summer approaches, more buyers and sellers have the flexibility to make a big life change. They’ve also had a few months to dwell on their new year’s resolution and start working towards their real estate goals.
As a seller, entering the spring market can certainly have its advantages. However, it’s not always the cakewalk that some assume. While greater competition among buyers can lead to a faster sale, today’s rising interest rates have cooled down other hot-market trends like bidding wars and bully offers.
Thinking about selling your home and downsizing? Explore our blog post about finding the right time to downsize here.
Following the busy spring months, real estate in the Bay of Quinte typically slows down slightly from June through August. This change of pace is typically subtle, and some years the summer months can even be as busy as spring. There is still a healthy volume of transactions, however, homes will begin spending a little longer on the market and total transactions will drop slightly compared to spring.
As anyone who’s lived through a Canadian winter knows, the warm weather of summer should be enjoyed to the fullest. With warmer temperatures, summer plans and vacations on the agenda, it’s no surprise that some people simply aren’t thinking about buying or selling during these months.
Looking for more insights about working with a trusted real estate agent? Check out these other resources from our site.
- How to Get a Home Valuation
- Selling With a Real Estate Agent
- What Our Clients Say About Working With Us
The Fall Boost
After the summer months, real estate in the Bay of Quinte will often see a small boost in activity during the fall. As more buyers look to secure a new home before winter, transactions in September and October often see a slight increase over the previous couple of months. Homes also tend to get snatched up a little faster. If the timing works for you and your family, fall can be an optimal time to sell.
Even if you’re selling during one of the busiest markets of the year, working with a real estate agent is essential. Regardless of seasons, an experienced local agent will help you be as successful as you can be in your home sale while helping you navigate the logistics and legalities of selling.
Thinking about selling your home? As proudly local Bay of Quinte agents, we can help. Get in touch.