Don’t panic if you want to sell your home but fear you’ve missed out on the spring and summer buying bonanza. Fall is actually a great time of the year to put your property on the market.
The reality is that the economy, not the weather, dictates prices and buyer behaviour.
And selling this fall and winter is an excellent idea as property continues to grow in value despite increasing mortgage costs.
With interests at around 6%, still low by historical standards, buyers are not being scared away. Quite the opposite. Prices have grown approximately 10% year-on-year in some areas, and that’s after 20% annual value growth in the past two years.
There are additional benefits to selling this fall, too.
Less Competition
Sellers usually flood the market in spring, increasing supply, giving buyers a wider choice, and potentially dampening prices. That hasn’t been true for the past two years because of Covid, but we’re returning to everyday behaviours. Don’t delay until next spring because you could get caught in a tsunami of neighborhood properties going up for sale.
Curb appeal
The gorgeous browns, cherry and orange foliage in your garden and surrounding streets are always a drawcard for buyers.
Business strategy
Many companies transfer staff to new areas in the fall, believing their timing reduces costs. That corporate philosophy generates additional buyers which is good news for you. Also, these buyers want to cut a deal and focus on their careers.
New buyers emerge
Industry data suggests the fall signals renewed interest in the property market by empty-nesters seeking to downsize and first-time buyers. Often the downsizers who have sold in the summer, are cashed up and ready to make a deal.
Fewer time wasters
The spring and summer sales seasons bring out property time wasters, people with nothing better to do in the sunshine than walk through people’s homes. They disappear once fall arrives, which gives you a better chance of only working with serious buyers.
Your buying upside
If you’re looking to upsize or downsize, you may find disheartened summer sellers who haven’t been able to strike a deal. Properties that languish on the market for more than 60 days can be good buying.