Cost of Selling a House in Canada 2022 | WOWA.ca (2023)

Cost of Selling a House in Canada 2022 | WOWA.ca (1)

Cost of Selling a House in Canada 2022 | WOWA.ca (2)

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What are the costs of selling a house?

The major costs of selling a house (or seller closing costs) include the real estate commissions, legal fees, and sales tax on real estate commissions. These vary based on province, region, and your agent’s commission cost structure. You can save on the cost by selling your home FSBO.

Alberta

BC

Manitoba

New Brunswick

Newfoundland

Nova Scotia

Ontario

PEI

Quebec

Saskatchewan

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Ontario

Ontario

$

You can expect to incur a value of $500 to $1500 on legal fees, which account for the preparation and recording of official documents.

$

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What is real estate commission?

Real estate commissions are the fees that you pay to your real estate agent for their services. Your real estate agent works very hard to market, stage, and sell your home. In Canada, generally the seller pays the commission to both the buyer and seller agents. The real estate commissions are first paid to a lawyer, who will then pay out the commissions to both the buyer and seller agents after the transaction for your home has been completed.

As a seller, you can choose to self-list your home to avoid commission costs; however, we advise that you should have some previous experience with real estate transactions. A one percent agent charges a commission as low as 1% and can help you save on commission.

Real Estate Commissions in British Columbia

Cost of Selling a House in Canada 2022 | WOWA.ca (3)

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BC real estate commission is usually charged on a graduated scale. The commission rate on the first $100,000 of the final purchase price of the property is usually 3% to 4% while the commission rate on the remaining balance is 1% to 2% .

For a $1M home, the commission would be $17,000. This is the sum of the commission on the first $100K of $3,500 and the commission on the remaining portion of $13,500.

The commission is typically split between the seller and buyer agents based on an agreed upon amount. Real estate commissions are negotiable and vary based on region. To get a close estimate of what you might be paying, select the region (Greater Vancouver Area, Victoria Area, Fraser Valley, or Kelowna) and refer to the Closing Cost Breakdown, which will show the commissions for the buyer agent and seller agent.

Check Agent Commission in British Columbia

Real Estate Commissions in Alberta

The real estate commission in Alberta is also calculated on a similar graduated scale. The first $100,000 commission rate starts at 7% while the remaining portion is typically charged at a rate of 3% of the final purchase price of the property. The commission is typically split 50/50 between the seller and buyer agents.

Check Agent Commission in Alberta

Real Estate Commissions in Ontario

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The combined real estate commission in Ontario usually ranges between 3.5% to 5% of the purchase price of the property. The buyer agent portion of that combined commission is usually fixed at 2.5% with the remaining 1% to 2.5% going to the seller agent. Real estate commissions in Ontario are typically negotiable and you can check real estate commissions that agents nearby you are charging.

Check Agent Commission in Ontario

Real Estate Commissions in Saskatchewan

Cost of Selling a House in Canada 2022 | WOWA.ca (9)

Cost of Selling a House in Canada 2022 | WOWA.ca (10)

Saskatchewan also uses a graduated commission scale for real estate commissions, similar to Alberta and British Columbia. In Saskatchewan, there are two graduated scales commonly used to calculate real estate commissions:

  1. 6% of the selling price for the first $100K, 4% for the second $100K, and 2% for the remaining portion of the selling price
  2. 7% for the first $100K and 3% for the remaining portion of the selling price

The real estate commissions charged are usually split 50/50 between buyer and seller agents. These commissions are also typically negotiable, so make sure to check with your agent beforehand.

Real Estate Lawyer:

Real estate lawyer fees generally range between $500-$1000 but the actual cost you pay may vary. The calculator estimates lawyer fees to be around $750. Some of the services that your lawyer provide for you include:

  • Title Search: The seller lawyer must ensure that the seller closes any outstanding permits and agrees to pay any outstanding items from the proceeds of the sale of the house. If the buyer’s title search reveals any restrictions or easements, then the seller’s lawyer offers solutions to satisfy the buyer so that the transaction may proceed.
  • Letter of Direction: The seller lawyer will verify any mortgages and line of credit on the property and provide the buyer lawyer a Letter of Direction that states that any proceeds from the sale of the property will be used to pay off debt and taxes owing. Finally, the seller lawyer will verify the property tax information and provide it to the buyer lawyer.
  • Statement of Adjustments: The Statement of Adjustments is a list of the expenses owing or prepaid by the seller at the time of closing. This list includes items such as property taxes, parking permits, condominium fees, and more. For example, if the seller has already prepaid the parking permit for an entire year but the house is sold halfway through the year, then the buyer will be required to pay the balance for the second half of the year to the seller. The seller lawyer is required to verify the amount and term of all the items on the Statement of Adjustments.
  • Closing Date:On the closing date, the buyer lawyer will electronically transfer funds to the seller lawyer. The seller lawyer will confirm receipt of the funds and use them to pay outstanding mortgages and debts. Following, the seller lawyer will prepare a report and release the keys to the buyer lawyer. The seller lawyer will also deduct the cost of closing (such as lawyer fees and real estate commissions) and credit the final remaining balance to the seller. You can typically expect to collect these funds within 24 hours of closing.

Do you pay tax on real estate commissions?

Yes. In each province, the real estate commissions are subject to the sales taxes at the sales tax rate for each respective province. These are:

  • Ontario Sales Tax: 13%
  • Alberta Sales Tax: 10%
  • BC Sales Tax: 5%
  • Saskatchewan Sales Tax: 10%

The closing cost calculator calculates the sales tax for the combined real estate commissions for both the buyer and seller agents.

The real estate commission fee in Ontario is 5%, or $25,000, with 2.5% going to each agent. The sales tax in Ontario is 13% of the real estate commission fee, or $3,250. The legal fees are approximately $750.

In total, Bobby will pay $29,000 in the cost of selling his home. Assuming he owns all of the equity in his home, he will receive $471,000 upon closing.

The buyer agent real estate commission is 3.255% on the first $100K and 1.15% on the remaining $900K in the Greater Vancouver Area, or $13,588. The seller agent commission is 3.875% on the first $100K and 1.33% on the remaining $900K, or $15,913. The sales tax in BC is 5% of the real estate commission fee, or $1,475. The legal fees are approximately $750.

For Sale by Owner:

There are many considerations to be aware of if you choose to sell your house yourself (For Sale By Owner/ FSBO). The main advantage of selling your home by yourself is that you will be saving on the seller agent commission, which is one of the major closing costs. The issues you should take note of when self-listing your home include pricing/staging/marketing, proper legal disclosures, and buyer agent commission. When selling a house by yourself, you will need to market and stage your home. This includes taking professional photographs of the interior of your home, listing your home on online listing services, and setting up slots for open houses. You will also need to price your home at a fair market value by performing a comparative market analysis of the nearby real estate transactions in your neighbourhood. You should also consider offering the buyer agent a commission and signing an agreement stating the percentage fee or you run the risk of buyer agents not showing the home to prospective buyers. Finally, any hazards, nuisance, or risks associated with your property need to be legally disclosed to the buyer before closing.

(Video) 2022 Canadian Real Estate Market, Prices are Dropping Fast, House Sales are Down.

As there are many considerations involved with For Sale by Owner, we recommend that you hire a real estate agent unless you have experience with real estate transactions. Your agent will professionally stage and market your home, and they will have access to a large network of potential buyers. Real estate agents are also experienced negotiators in pricing and they are familiar with the closing process. Finally, your seller agent will have insurance against errors and mistake omissions for legal disclosures.

The calculators and content on this page are provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.

FAQs

Is It a good time to sell Your house in 2022? ›

Fall 2022 and beyond could be a great time for sellers, or more of a market equilibrium may develop. Rather than trying to play the market, consider the cards you currently have in your hand: you know now is a good time to sell because competition is high and inventory is low.

How much are lawyer fees when selling a house in Ontario? ›

Average Real Estate Lawyer Fees in Ontario for house closing are between $450 to $1,500, depending on the transactions' complexity. In addition, some real estate lawyers charge an hourly rate between $270 to $450 + HST per hour plus Law Office disbursements.

What should you not fix when selling a house? ›

Fixing cosmetic damage

Sure, peeling paint, a weathered back door and scuffed floors may make things look a little run-down, but if you are looking to save some cash on repairs and renovations, you'll rather want the money to be put to good use.

How do I maximize the selling price of my home? ›

The 5 best ways to increase the sale price of your home
  1. Make it sparkle with a deep clean. ...
  2. Declutter and depersonalize. ...
  3. Light it up. ...
  4. Update light fixtures & faucets. ...
  5. Improve your home's curb appeal. ...
  6. Paint: The fastest, most effective update. ...
  7. Focus on market trends, not home decor magazine suggestions.
31 Mar 2022

Should I sell my house now or wait until 2023 Canada? ›

– Interest Rates – Interest rates have increased significantly since early 2022. Now is a great time for you to sell your house! Especially as rates are expected to keep raising during 2023. This means some buyers will be pushed out of the market due to high-interest rates, forcing home sellers to drop their prices.

Should I sell my house now or wait till 2023? ›

With economists predicting a high likelihood of a recession in 2023, it makes sense to sell your home now. A recession means increased unemployment and fewer qualified buyers. So, even if home prices don't plummet, you could still have difficulty finding a taker if you wait until next year.

How much tax do you pay when you sell a house in Canada? ›

When you sell your home or when you are considered to have sold it, usually you do not have to pay tax on any gain from the sale because of the principal residence exemption.

What do sellers pay at closing in Ontario? ›

The real estate commission fee in Ontario is 5%, or $25,000, with 2.5% going to each agent. The sales tax in Ontario is 13% of the real estate commission fee, or $3,250. The legal fees are approximately $750. In total, Bobby will pay $29,000 in the cost of selling his home.

What legal fees are involved in selling a house? ›

Solicitor Fees for Selling a House

When selling a property, you'll need to hire a conveyancer or solicitor to handle the legal side of the sale. The average conveyancing fees for a freehold property will be £1,270. This includes the solicitor's legal fee and conveyancing disbursements.

Which month is best to sell a house? ›

Sellers can net thousands of dollars more if they sell during the peak months of May, June, and July versus the two slowest months of the year, October and December, according to a 2022 report by ATTOM Data Solutions.

When's the best time to sell a house? ›

Late spring and early summer are the best times of year to sell a home, according to a May 2021 report from real estate research firm ATTOM Data Solutions. The analysis covered 10 years' worth of single-family and condo home sales from 2011 to 2020.

Should I update my bathroom before selling? ›

Myth No. 1: I need to redo my kitchen and bathroom before selling. Truth: While kitchens and bathrooms can increase the value of a home, you won't get a large return on investment if you do a major renovation just before selling. Minor renovations, on the other hand, may help you sell your home for a higher price.

What puts value on a house? ›

Maximum value will be added by improving the main living spaces, such as the kitchen, dining and living area and the way in which they work together. Before removing walls, work out which are loadbearing by checking the direction of the floor joists as these should always rest on structural walls.

What things add value to a home? ›

6 Ways to Increase the Value of Your Home
  • Update your home's finishes. ...
  • Upgrade to energy-efficient features and appliances. ...
  • Freshen up your curb appeal. ...
  • Put your money into your kitchen and bathroom. ...
  • Finish off your basement or other unfinished spaces. ...
  • Clean and declutter before showing your home.
8 Mar 2022

What color house sells best? ›

"Generally, going with neutral colors like shades of white, beige, taupe, and grays lead to a faster sale," she shares. "Neutral colors are also more appealing to potential buyers because many want the creative freedom of a blank canvas to add their personal touches to when looking for a new place to call home.

Will Canadian house prices drop in 2023? ›

Latest Updates. Five respondents predicted a double-digit fall, as much as 18.2% next year. House prices in Toronto and Vancouver were forecast to drop 8.5% and 7.3% in 2023 after surging 13.0% and 10.6% this year. "The pandemic may not be over but the pandemic-era housing market boom certainly is.

Will prices go down in 2023? ›

So consumers can expect that this year will be the worst for inflation, with prices estimated to go down by 2023, according to the latest Morningstar research.

Will Canadian home prices drop in 2022? ›

In its latest housing market outlook released Thursday, the association said it expects 532,545 properties to trade hands via Canadian MLS systems this year, down 20 per cent from the 2021 annual record.

Can I sell my house and keep the money? ›

When you sell a house, you have to first pay any remaining amount on your loan, the real estate agent you used to sell the house, and any fees or taxes you might have incurred. After that, the remaining amount is all yours to keep.

Is it smart to buy a house right now? ›

Based on data, now is a good time to buy a house — and first-time buyers agree. According to Fannie Mae's National Housing Survey, more than 60% of renters would buy a home if their lease ended. Most expect rents to rise sharply in the next 12 months. The housing market may favor Fall home buyers.

Should we sell our house now or wait? ›

With continued supply shortages and high buyer demand, now is a good time to sell your home. And with interest rates on the rise, it may be better to sell sooner rather than later — if rates spike much more, some prospective buyers may retreat from home shopping. But consider your reasons for selling carefully.

How does CRA know if you sold a house? ›

When you sell your principal residence, you need to tell the CRA. You will need to file a T2091 form with your tax return. For details go to Reporting the sale of your principal residence for individuals (other than trusts).

Do I have to pay HST when selling my home? ›

Consequently, I am selling my house. Does the GST/HST apply to the sale? No, the GST/HST does not apply to the sale of your house.

How do I avoid capital gains tax on property in Canada? ›

How To Avoid Canada's Capital Gains Tax
  1. Invest money in a tax shelter. You might think of tax shelters as a canopy for your assets. ...
  2. Balance out your capital losses. ...
  3. Defer capital gains. ...
  4. Enjoy the benefits of the lifetime capital gain exemption. ...
  5. Donate a percentage of your shares to charity. ...
  6. Use capital gain reserve.
9 Sept 2022

How much should I budget for closing costs in Ontario? ›

Average Ontario closing costs will come up to 3-5 % of the purchase price of a home but this can vary.

What are closing costs Canada? ›

As a general rule of thumb, you should budget at least 1.5% of the house purchase price for closing costs. For example, if you're purchasing a house for $300,000, you should have at least $4500 available for closing costs. You'll need to have 1.5% available for closing costs to qualify for a CMHC-insured mortgage.

Who pays closing costs buyer or seller? ›

Closing costs are split up between buyer and seller. While the buyer typically pays for more of the closing costs, the seller will usually have to cover their end of local taxes and municipal fees. There's a lot to learn for first time home sellers.

How much do you lose when you sell a house? ›

The average cost to sell a house is nearly 15% of its sale price—which includes agent commissions, home improvements, closing costs and moving fees. So if you sell a home for $250,000, you might pay around $37,000 to cover selling expenses.

Can I sell my house without an estate agent? ›

The answer to "can I sell my house without an estate agent?" is yes, but it will mean taking on some of that role yourself. You will need to arrange viewings for interested buyers yourself. Speak to them and agree on a time that is convenient to you before they come to see your house.

Do I pay stamp duty if I sell my house? ›

The buyer of a house or property is always the one to pay Stamp Duty Tax, not the seller.

What should I do to my house before selling? ›

From cleaning and staging to repainting and depersonalizing, here are 11 things you can do to get a house ready to sell.
  1. Research your local housing market. ...
  2. Find a listing agent. ...
  3. Buy more light bulbs. ...
  4. Give your house a deep clean. ...
  5. Declutter the home. ...
  6. Call a handyman. ...
  7. Paint the walls. ...
  8. Stage your home.
1 Jul 2022

How do you clean your house before selling? ›

10 Must-Do Steps for Deep Cleaning the House to Sell
  1. Step Back and Plan Ahead. Take a good look at every room. ...
  2. Move Out the Clutter. ...
  3. Dig Deep in the Kitchen. ...
  4. Put Extra Shine in Bathrooms. ...
  5. Refresh Carpets and Rugs. ...
  6. Clean From Ceiling to Floor. ...
  7. Open Up the Windows. ...
  8. Head Down to the Basement.
5 Nov 2021

Will summer of 2023 be a good time to buy a house? ›

Depending on who you ask, the forecast for 2023 is mixed. Most experts in the housing industry predict less buyer demand, lower prices, and higher borrowing rates. Rate increases, along with a shortage of availability, have pushed many purchasers to the sidelines.

How long do most houses take to sell? ›

As of November 2021, the average home sat on the market for 22 days and, according to the Ellie Mae Origination Insight Report, the average time to close on a home purchase was 49 days. That totals to 71 days on average from listing to closing; however, the sale of your home could be different.

How long should you live in a house before selling? ›

As a REALTOR® might tell you, in order to make up for closing costs, real estate agent fees, and mortgage interest, you should plan to stay in a property for at least 5 years before you sell your home.

What month are most houses listed for sale? ›

What Month Do Most Houses Go on the Market? Spring is when most houses go on the market. In 2022, the national number of homes for sale shot up an additional 120,000 from April to May—the fastest rate of growth all year. That number kept growing each month into the summer and reached 1.31 million home listings by July!

What is the most important room when selling a house? ›

The Living Room is the Most Important Room to Stage

Fortunately, this aligns with sellers' staging trends, with 83 percent of sellers who choose to stage the living room. To easily stage your living room, consider these tips: De-clutter and remove personalized items, knickknacks, and photographs.

What adds value to a bathroom? ›

Increasing the size of your bathroom, or at least making the room look bigger, is a great way to add value. Replacing a tub with a glass shower gives the appearance of more room. Installing brighter light fixtures or adding wall sconces around the mirror is another way to make the room feel larger.

What are the biggest selling points of a house? ›

Top five selling points you should emphasise to buyers
  • Put your best foot forward. ...
  • Young professionals. ...
  • Gyms and outdoor space. ...
  • Growing families. ...
  • Extension opportunities. ...
  • Downsizers. ...
  • Leisure. ...
  • Every buyer has their own set of wants and needs, so be sure to put yourself in their shoes when you show your home.

What adds the most value to a home 2022? ›

Below are ten home improvement projects with the highest return on investment in 2022.
  • Landscaping. Curb appeal says a lot about your home. ...
  • Updated Kitchen Appliances. ...
  • New Front Door. ...
  • Windows. ...
  • Flooring. ...
  • Bathroom Remodel. ...
  • A Fresh Coat of Paint. ...
  • Garage Door Replacements.
10 Feb 2022

Does decorating increase house value? ›

Generally, if you do spend some time redecorating, you will be able to sell your house fast compared to if you choose not to. Any amount of redecorating can help to increase your house value, and usually, the more you do the more your value will increase.

What renovations increase home value? ›

Key Takeaways. Remodeling can boost the return on investment (ROI) of a house. Wood decks, window replacement, and kitchen and bathroom upgrades tend to generate the highest ROIs. For cost recovery, remodeling projects generally must fix a design or structural flaw to earn back the cost of construction.

What decreases property value? ›

Changes in the real estate market can lower the value of your home. Natural disasters and climate change can lower your property value because the property is a greater risk to purchase. Foreclosures in your neighborhood can also drive down property value.

What adds most value to a house Canada? ›

Real estate professionals across Canada voted for the best renovations that add the most value to your home.
...
  • Landscaping. ...
  • Interior Painting and Finishings. ...
  • Exterior Painting and Finishings. ...
  • Building a new Deck. ...
  • Building a swimming Pool. ...
  • Family Room Addition.

What should you not say to an appraiser? ›

Just keep your communication to the appraiser about the facts of the home and neighborhood, how you priced the house, and any other relevant information you think the appraiser should know. And remember, don't discuss value. Don't pressure the appraiser to 'hit the value' and you'll be fine.

What color house is hardest to sell? ›

Hard Sell: 7 Pretty House Colors That Scare Buyers Away
  • Foreboding Black. 1/7. ...
  • Tree Green. 2/7. ...
  • Citrusy Green. 3/7. ...
  • Blinding Bright Yellow. 4/7. ...
  • Dingy Dark Brown. 5/7. ...
  • Overpowering Purple. 6/7. ...
  • Not So Pretty in Pink. 7/7.

What color front door sells best? ›

In Zillow's survey, a black front door raked in the highest offer price. On average, the prospective buyers said they'd pay $6,449 more for a home that had this bold, statement-making color.

What color makes a house look bigger? ›

Choose light colors

Making the exterior of your home a light color is the best way to make your home look larger, brighter, and more inviting. Light colors such as white, ivory, pale gray, and sage green reflect higher amounts of light than dark colors, tricking the eye into perceiving the home as larger than it is.

Will house prices fall in 2022? ›

It said house prices will have risen 6 per cent by the end of 2022 but that they will fall 5 per cent in 2023 and a further 5 per cent in 2024 as a result of the sudden spike in mortgage rates caused by the government's fiscal plans.

Is it a good time to buy or sell a house? ›

With continued supply shortages and high buyer demand, now is a good time to sell your home. And with interest rates on the rise, it may be better to sell sooner rather than later — if rates spike much more, some prospective buyers may retreat from home shopping.

Is now a good time to sell property? ›

A number of factors have converged to make right now a great time to sell your London property. While spring is always a popular time for buyers, the activity this year has soared meaning demand is sky high. Some factors that are pushing demand in London so high right now are: Traditional spring property buying season.

What is the best month to sell your house? ›

Sellers can net thousands of dollars more if they sell during the peak months of May, June, and July versus the two slowest months of the year, October and December, according to a 2022 report by ATTOM Data Solutions.

Will house prices crash in 2023? ›

House prices will not crash next year, though the number of transactions will fall sharply, major agency JLL predicts. The housing market is set for 'a correction' in 2023 that will see a 6% reduction in property prices, not the 20-30% drop some feared.

Is it smart to buy a house right now? ›

Based on data, now is a good time to buy a house — and first-time buyers agree. According to Fannie Mae's National Housing Survey, more than 60% of renters would buy a home if their lease ended. Most expect rents to rise sharply in the next 12 months. The housing market may favor Fall home buyers.

Will house prices ever go down? ›

This could in turn push average mortgage rates upwards of 8% (while still historically low, that is more than double the 1.6% rate recorded at the end of 2021) Based on this data, Capital Economics has forecast house prices to rise throughout 2022, before falling by 5% in 2023.

Can I sell my house and keep the money? ›

When you sell a house, you have to first pay any remaining amount on your loan, the real estate agent you used to sell the house, and any fees or taxes you might have incurred. After that, the remaining amount is all yours to keep.

Will house prices go down in 2023 Canada? ›

Latest Updates. Five respondents predicted a double-digit fall, as much as 18.2% next year. House prices in Toronto and Vancouver were forecast to drop 8.5% and 7.3% in 2023 after surging 13.0% and 10.6% this year. "The pandemic may not be over but the pandemic-era housing market boom certainly is.

How long should you stay in a house before selling? ›

As a REALTOR® might tell you, in order to make up for closing costs, real estate agent fees, and mortgage interest, you should plan to stay in a property for at least 5 years before you sell your home.

Should I sell my house now before recession? ›

Reasons to Sell a Home Before a Recession

Best Price – Home prices are typically at their highest during a time of economic expansion which is the opposite of a recession. If you want to get the highest price for your home, aim to sell the home at a time of economic exuberance.

Is now a good time to sell a house in Ontario? ›

So, although there are a few headwinds like rising interest rates, the real estate experts see other factors like record immigration and job creation creating strong demand. It's a good time to sell, but you'll want to avoid some common blunders.

Is now a good time to buy a house Martin Lewis 2022? ›

Martin Lewis has issued a fresh warning to home buyers as rates are expected to rise 6% in 2023. The Money Saving Expert founder has advised that first time buyers should not be buying a house right now unless they are prepared and plan to live in the home for the long term future.

How do you clean your house before selling? ›

10 Must-Do Steps for Deep Cleaning the House to Sell
  1. Step Back and Plan Ahead. Take a good look at every room. ...
  2. Move Out the Clutter. ...
  3. Dig Deep in the Kitchen. ...
  4. Put Extra Shine in Bathrooms. ...
  5. Refresh Carpets and Rugs. ...
  6. Clean From Ceiling to Floor. ...
  7. Open Up the Windows. ...
  8. Head Down to the Basement.
5 Nov 2021

Will summer of 2023 be a good time to buy a house? ›

Depending on who you ask, the forecast for 2023 is mixed. Most experts in the housing industry predict less buyer demand, lower prices, and higher borrowing rates. Rate increases, along with a shortage of availability, have pushed many purchasers to the sidelines.

What time of year do houses sell the most? ›

The spring months are often considered the best month to sell a house. In fact, across the country, the first two weeks of May are often the busiest and most lucrative time for sellers. The spring has warmer weather, longer days, and lush landscaping opportunities that boost curb appeal.

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