When Should I Sell my House during the Year ?
There is not really a best or worst moment during the year to sell a house, since transactions are ended throughout the year. However, you should know that real estate follows a cycle that approximately repeats itself from a year to another. In this way, you have more chances to sell during some months than others.
The Real Estate Cycle
Generally, in January, house sales are rather slow, but starting February, the market seems more active. Indeed, the first buyers see the end of their lease agreement coming in July and wish to find something a long time before that date. It is why they start their search at that time of the year, to buy during the spring, which is when real estate transactions are at the highest. Moving families usually try to buy during spring, so they can move in their new house during summer, between two scholar years.
When summer arrives, real estate transactions are slowing down: buyers prefer to go on vacation rather than visiting houses! Nonetheless, the market often regains a small momentum during fall and until November. Less hurried buyers take advantage of this period to explore what are their choices.
Taking Other Factors into Account
The number of real estate transactions done during a certain period does not only depend on the season. In fact, other very important factors affect the real estate market, particularly the economic situation. Consequently, when the economy is lower and the unemployment rate is higher, buyers are fewer, and it becomes more difficult to sell a house than when the economy goes well.
The fact that the last fifteen years have known a huge expansion regarding the real estate must also be considered, and this expansion is now finished. In fact, people who were able to buy are now owners, and the very high house prices, as well as the strict mortgage rules, are now limiting the arrival of new buyers on the market.
When the Market is Difficult
If the economic situation is not ideal when you decide to sell your house, it does not mean that you will not sell it. However, you will need more time than expected to end the transaction, except if you live in a very popular neighborhood and that your price is particularly interesting.
In the case you would like to buy a new property before the actual one is sold, one of your solutions is a private mortgage financing. In this way, as soon as your house is sold, you can pay off your debts and remortgage your new house in a more traditional way.
The private mortgage loan can also be a good option for you if you feel you have no other choice than selling because you have financial difficulties and have received a 60-day notice. At Clic Hypothèque, we always have an alternative financing solutions suited to your needs to offer you, whether it is for a private mortgage or another type of private loan, to help you to restore your financial situation.