Don’t Forget about the Fall Market
It is (pretty much) a universally accepted truth that the spring and early summer is the hottest time to buy and sell real estate. As the school year winds to an end, many people see the summer months as the best time to transition to a new home. Whether you have kids in school or not, our minds have been trained to see the spring as the time to list a house with the intention of selling for the best price.
But what about if you have to sell in the fall, or even crazier, over the holidays in December. What about if you are looking to buy at a time that doesn’t have all the hype and potentially inflated prices and stress-levels. What if you are trying to avoid getting into a multiple-offer frenzy and feeling like you lost your dream home (if you didn’t have the “winning” offer)?
The fall offers a secondary bump to the housing market that can be often overlooked and forgotten. From late September to early November, we see an increase in the number of houses that are listed and buyers are reinvigorated after a summer hiatus. Those who are wanting to be settled into a new home before the holiday season take one last swing at a new home before potentially settling in for a long winter’s hibernation.
So what can you expect from a fall market and why is this a good time to get back into the swing of buying and selling a home?
Less competition than the spring with more options than the winter.
A fall market is often less frenzied than a spring market. You can (probably) expect to not have as many other buyers out there looking with you and offering on the same property. This means that there is a greater chance of getting the house you want for a good price.
Sellers are motivated.
Many of the sellers in the fall market are either those who have to move (for work relocation or another “need”) or they tried to sell their house in the spring market and for one reason or another, it didn’t sell. They are using the fall market as one more chance to get into the new house they are wanting before the holiday season kicks into high gear.
The fall is a lovely time of year to get out and see houses.
Without the heat of the summer, people are re-invigorated to get out and tour through Open Houses and Drop In’s. There are many activities that start back up in fall and on PEI, fall festivals are abundant. From apple pickings to corn mazes to festive celebrations like “Fall Day in the City” many people are out and enjoying the colours of the fall. So you can capitalize on the excitement people are already feeling.
You have enough time to get settled before you need to worry about the holidays.
Many closings take between 30 and 45 days. This means that the latest you can get an accepted and firmed up offer to be moved and settled by the holidays is pretty much Halloween.
Unless you have to, no one wants to move in January to March.
Those months on PEI are windy, slushy, dirty (with the red mud) and generally not the most pleasant days of the year. So most people just want to stay put. And what better place to stay put is a new-to-you home.
So if were disillusioned by the spring market, beat to the punch on any property you saw yourself looking at, and/or wanting to give your property another shot at shining to potential buyers, now is the time to be getting your property ready for the fall market.
Stay tuned for easy steps that you can do to prepare your home for being listed in the fall -that can all done in 1 weekend.