If you're thinking of selling your house and want to get the best price, today might be your best bet for doing it, a Toronto real estate company says.
According to alternative realtor website TheRedPin.com, Friday, May 1, is likely to be the best day to sell your home this year, in terms of getting the most for it.
The real estate company has tabulated sales data from the past five years and calculated that the entire month of May is one of the most popular months to buy a home, with 20,809 homes changing hands across the Greater Toronto Area during the month last year — more than any other month.
All those home sales to eager buyers have a habit of driving up prices, too.
"May not only sees more home buyers out on the market, but home buyers are also willing to pay more," the company says.
How much more? The company calculates the premium to be on average $18,650 more than the price you'd get during the rest of the year.
Over the past five years, homes sold in May have average selling prices more than $5,000 higher than the next most expensive month (October) and a full $60,000 more than the cheapest month to buy a home, which is January. And homes listed in the spring tend to sell much faster than those listed in the winter months, the company says.
"Year after year, May has blown away sales expectations," company founder Rokham Fard said. "With the year's sales so far, we're expecting the market to explode over the next few weeks."
Fridays are typically the best day of the week to sell a home, because potential buyers are looking at listings in advance of weekend open houses, and newer listings have the greatest appeal.
Add it all up, and the company calculates that this Friday, May 1, is the best day to maximize the selling price of a home.
If you're reading this now, it's probably too late for anyone who hasn't already listed their home for sale, but the company says the rest of the month is typically an excellent time to sell.
Toronto house prices have increased by 31.5 per cent since 2010, with the average selling price across all housing types in the GTA hitting $566,648 last month, according to data from the Toronto Real Estate Board. That's up from just over $431,000 five years ago.