Sellers have to be careful whom they ask this question: Some real estate agents will reply “Right Now”, no matter what time of year it is. A client of mine called me, telling me that he had bumped into a REALTOR at a local gym, and had been advised that ‘Right Now’ was a great time to list his condo. It was mid-January, condo sales were at an all-time low and there were in fact 6 other units in my clients complex for sale…..and HAD BEEN for sale for several months. Clearly, “RIGHT NOW” was NOT the correct answer. But how do we determine which is the right time to sell (or at least LIST) a house or condo in Winnipeg?
Two factors in selling a home
There are two main factors involved in determining the best time: One is “How many listings are available for sale?” and the other is “How many buyers are looking to buy right now?”. Neither of these factors can be used in a vacuum. It’s like knowing how fast you’re going, but not knowing the distance of your destination. Or, knowing how far you have to go, but not knowing the speed at which you’re travelling. So lets take a look at the first of these factors; How many listings are available at any given time in Winnipeg!
Listing your home: What’s the competition?
Let’s say that you’re thinking of selling a 1,200 ft bungalow: It would be in the sellers best interest if there were NOT another 15 similar homes in your neighbourhood for sale at the same time. That’s the sellers competition, and the fewer homes for sale, the better for the seller. Let’s take a look at available houses and condos on the 15th of each month, in 2018. These numbers reflect available homes ON that date, IN Winnipeg (including Headingley and E.St Paul.
Here we see that from a pure competition standpoint, January and February have the fewest listings available. Thats good for sellers, however how many buyers are actually BUYING in those months? Thats the second part of the equation. Lets take a look at buyer activity thruout 2018.
Here we can see that for houses, January and February show the lowest buyer activity. Condos saw an anomalous spike in February, but certainly December and January were the lowest buyer activity by far.
So if we went by THIS chart, then listing your home in April thru July would be best. However, as mentioned earlier, we need to look at both factors and how they interact and relate to one another. For example, available listings might increase one month by 25%, making it tougher to sell your home. But if buyer activity increased by 40%, it’s actually BETTER for the seller overall.
Combine the two stats
So how do we determine this? The answer is called “Inventory Levels”…. it’s the answer to the question: “If no one listed their home from here on, how long would it take to sell all available homes at the current rate of sale”. It measures current available home levels against current buyer activity. The result is given in “Days of Inventory”, and the lower that number, the hotter the market. Here are the results for 2018’s Housing Market in Winnipeg.
Now we see that the increased buyer activity in the months of February and March are starting to heat up the real estate market, and end in a real sellers market in the months of April – July.
Best Time To Sell my Home?
In a nutshell, if a home seller has the option, they are well advised to list their homes anytime from February to June of the year. Now this is a very general response: A general market report like this does not address your specific neighbourhood, price range, style of home etc….
For example, if you’re living in Lindenwoods, and there are currently no homes in your price range for sale, it may be a great time to sell, no matter what time of year it is. Alternately, if your neighbourhood has 5 homes just like yours for sale, it may be a BAD time to list.
When you are ready to sell your home, you should contact me. You’ll get a no-obligation, no-nonsense look at the market and your best options for selling your home.
Book Your No-Obligation Market Eval. & Consultation
For shownotes, click on this down arrow
Bo Kauffmann: Hi, this is Bo Kauffmann, Remax performance realty. You’re busy. I’m busy. Let’s get right to it. In this short video, I want to talk about how to hire the best real estate agent when selling your house and the 10 questions you should be asking him. Now. There seems to be real estate agents everywhere and even a small place like Winnipeg has nearly 2000 real estate agents. So how do you narrow those down to just two or three that you can interview Well and easy way is to ask your friends and family as to who they used last time when they were selling their house, house or condo. Were they happy with that agent
Bo Kauffmann: Then take that name and any other names you come across and check them through the better business bureau. Check for reviews and complaints. Uh, here’s a shortcut on how to do that. Go to http://winnipeg.tips/BBB-Rating . The B hyphen rating and the BBB and the R in rating. All have to be capital. Another really good way is to check Google really simply in your browser bar. Simply type Google reviews and then the agent’s name. So for example, Google Reviews Bo Kauffmann, alright, so you’ve narrowed down the list to a couple of agents. What do you ask them Here’s the 10 top questions to ask your agent. First question, how long have you been in business There’s a lot of new agents coming into the business, uh, and experience is important and does count. Second question is, where will you advertise my home Now, look for more than just the MLS. Everybody lists a house on the mls. That’s a starting point, but you also want to hear things like social media, newsprint, and other websites to be included in the marketing plan. I consider this an important question and that is who will photograph the home higher unpro don’t rely on the agents to use their cell phones. Don’t believe me. Go back to Google and check bad photos on the mls and you’re going to be surprised.
Bo Kauffmann:Question number four is, do you have an effective website The key word here is effective. A lot of agents are going to say, yes, I have a website, but talk to them about Alexa ranking visitors per day and other stats like that. Next question is, how active are you on social media How many facebook followers do you have How many linkedin connections on Instagram, youtube, pinterest, those kinds of things. A lot of houses are seen and sold on social media. Number six, how many homes do you sell a year that’s you personally, not your team, or if they have a team, take that whole number that they sell in divided by the number of team members in Winnipeg. The average is about 14 homes per year per agent to just give you some guidance there. Number, if I have questions or concerns, whom will I be dealing with
Bo Kauffmann:Will the agent answered directly or shuffle you off to an assistant or worse yet a call center You want to know who you’re dealing with. If something goes sideways. Question Number Eight, is this your full time occupation or are you going to be busy picking up another shift that a grocery store instead of helping me If you’re the seller, you really deserve to have somebody who is full time looking after your real estate needs, and number nine, how will I reach you Am I going to have direct access to yourself, your email Can I text you How do you respond or do you shuffle me off to somebody else And number 10, what’s your commission rate Now, these are always negotiable, but you do get what you pay for. Just like anything else in life quality, rarely cheap and cheap stuff is rarely quality,
Bo Kauffmann:and this last is actually just a little bonus. Do not ask or try and refrain from asking, what do you think my house is worth I know that’s what every seller wants to know right away, but poor agents use this to try and overvalue your house, ingratiate themselves in your view and just to get the listing and then you’re stuck with an overpriced listing that doesn’t sell well. Thank you for watching. This has been bulk Kaufman, Remax performance realty. You’re listing agent in Winnipeg looking after houses and condos. You can reach me direct 204-333-2202, or email me [email protected] Please consider subscribing to my channel. Thank you.