The following table shows the average sales price of detached homes in the city of Toronto (Canada) from January to July in 2017.
Q. Based on the above table, which month do you think was the best month to sell* a home?
*Assuming that “sell” means having a firm offer and buyer’s deposit.
A. Here are my thoughts on this … Although April 2017 was the month when the sold prices of detached homes peaked in Toronto, February was probably the best month for many sellers.
The reason for choosing February is that firm offers received during the peak month of April ran the risk of not closing the sale. (The difference between a firm offer date and the closing date is typically two months.) There were some buyers who made firm offers in April who wanted to get out of their purchase or renegotiate the sales price. Home values dropped in the following months, exactly when their purchase was scheduled to close. Also, the April sellers were probably buyers as well and may have been facing the same situation for their purchase. Challenging times for sure!
To see the post that precedes this one, click: When is the best time to downsize?
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Unless otherwise credited, all posts are happily authored in quill & pen by …
Paul Ferri, Broker
RE/MAX Unique Inc. Brokerage*, Toronto, Canada
*Each office independently owned and operated
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