Although the leaves will soon change and the weather will cool down, fall is not always the first thought that comes to mind when selling a home. However, in the Canadian real estate market, autumn has some exclusive advantages to sellers that are almost always overlooked.
It has been long recognized that spring is the hot season for real estate; however, other benefits help sellers stay ahead of their competition. From increased buyer interest to the season’s natural beauty, fall might be the perfect time to list your home.
Increased Buyer Interest with Anticipated Rate Cuts
One of the main reasons this fall may be a perfect time to sell your house is the growing buyer interest inspired by the predicted rate cuts. In August, the Canadian real estate market saw a month-over-month increase, with new listings mounting up to 1.1%, thus foreshadowing its revitalization. The cuts make mortgages more existence-friendly, luring buyers who have been standing on the fence or just waiting for the proper finances.
Those listings in the fall can attract many potential buyers who are trying to find a mortgage rate that doesn’t increase anymore.
First-time homebuyers, investors, and even people looking to upgrade often come out when the interest is low, making it informative to attract more kinds of buyers. This trend has already seen a significant movement in the Canadian real estate market and will likely hold into the fall.
Less Competition Than in Spring
Spring is usually considered the peak of the real estate selling season, meaning there’s a rush of homes all coming onto the market simultaneously. It will be better for buyer traffic, which often translates to stiff competition among the sellers. On the other hand, fewer homes will be up for sale during fall, which works to your advantage should you be among the few who list them.
Another barometer that fall may offer the best conditions for home sellers is a balanced sales ratio. With fewer homes on the market, serious buyers-meaning those ready to make purchase-have fewer options competing for their attention and increasing the desirability of your listing. The competition is lighter, too, than it was in spring, and you may attract buyers who want to close a deal before winter has set in.
It means a reduced inventory combined with more severe buyers provides a more balanced and manageable environment for sales transactions, favoring sellers with a better home price.
The “New Listing Boost” of September
Every fall, September marks an unparalleled surge in new listings in a very active market. For example, new listings surged 18.8% year-over-year in September alone in Canada. This mix of new listings typically attracts buyers seeking alternatives after a traditionally slow summer market.
Equally helpful to sellers is that this ramp-up begins with a new season in which buyers are willing to hasten and close before the year’s end. The upsurge in September listings often brings new vitality to the market and enables sellers to reap the benefits of increased buyer exposure and activity. That is your ideal time to get the attention of motivated buyers looking for the latest real estate listings of residential homes or commercial property for sale.
Favorable Market Conditions
Aside from piquing the interest of more buyers, fall provides a good market environment for sellers. Canadian real estate markets remain stable in price growth terms despite intense buyer demand. Inventory stands at 4.1 months, providing an environment of balanced supply and demand. This balance ensures that prices don’t see wide fluctuations and stay put to assure the seller of a decent profit.
With 4.1 months of inventory, the balance of advantage remains with the sellers. Supply is sufficient to continue to attract buyers without oversupply and weighing on prices. This further means that homes for sale are likelier to get fair offers other than low-ball bids from buyers overwhelmed with choice. By leveraging such stable conditions, sellers can look forward to higher offers and quicker sales.
Autumn Curb Appeal
One of the biggest positives about fall is that it’s a season of low-maintenance curb appeal. The warm colors of the seasons and the crisper weather give any property, from a quaint residential home to a commercial property up for sale, a little extra boost.
Autumn’s natural beauty may bring your house to life, but you’ll want to enhance that curb appeal further. The simple act of lawn maintenance, adding flowers of the season, and ensuring pathways are free of fallen leaves will make quite a difference. Take it further with warm and inviting accents, like a wreath on the door or a pumpkin on the porch. Autumn decor helps buyers imagine being in your home during the coziest months of the year.
Tips for Preparing Your Home for a Fall Sale
If you want to sell a home in the fall, it demands extra attention to minute details, broadly categorized as creating an inviting ambiance. Here are some tips that make your home ready for the fall real estate market:
- Focus on yard maintenance: Rake the leaves, clean the gutters, and ensure all outdoor areas are clean, neat, and inviting.
- Highlight warmth and comfort: As the temperatures cool, your home will be an oasis from the summer heat. Add warm lighting, plush throw blankets, and seasonal decor.
- Provide ample lighting: Days become shorter during the early stages of autumn. It means illumination indoors and outdoors should also be bright and functional.
- Keep your home well-insulated: Buyers will thank you for an energy-efficient home during winter. If you recently upgraded your windows or added insulation, mention it.
- Improve the smell of your home: Get rid of potent or unpleasant odors and quickly introduce warm and inviting fragrances, such as those from cinnamon or pumpkin spice, which will make further buyers feel at home in your house.
These little touches will make a big difference when presenting your home in the fall market.
Conclusion
For many, fall is not the perfect time to sell a home in Canada. However, fall real estate market trends bring some privileged advantages: expected interest rate cuts, reduced competition, and improved listings will all be in your favor these next few months. Moreover, the beauty of fall will add some extra curb appeal to your home.
Looking for a realtor to close in style? Look no further than the Allen Mayer team! Follow us now to find out more!