31 Oct The Fall Real Estate Market – What’s Next?
As we carry into the heart of the fall real estate market, you can feel a buzz in the air. Buyers and sellers are getting back to business after the more laissez-faire days of summer. With the introduction of the new legislation that slowed the market in the spring and summer, the crisp air brings with it a renewed “let’s get moving” energy to complete transactions before the snow flies.
Buyers and sellers are taking a measured approach to fall ’17, based largely on the changing conditions in the GTA real estate market year-to-date. While Sellers were firmly in the drivers seat in the Spring, the market has shifted back to a Balanced market in most areas and tipped into a Buyers market in some of the surrounding areas on the outskirts of the GTA. Buyers will be value shopping with a broader selection of opportunities to choose from. Sellers must either have stand out product offerings or position their properties competitively relative to other product offerings in their immediate area. We typically expect to see more inventory on the market at this time of year, and Buyers feel they can afford to be a little more selective in their search.
With increases in interest rates affecting both variable and fixed mortgages, buyers are being slightly more cautious in 2017 versus fall 2016. Buyers are becoming more selective and are less likely to pay a premium price for a property. It is vitally important to list your property at the right price point to attract the right buyer in the current competitive market. Engaging with a professional realtor will provide you with access to up-to-date market data, and will provide you with insights and a current market analysis for your neighbourhood to ensure your property is positioned correctly to achieve your desired outcome.
As a Seller, you may be faced with having to negotiate on conditions and closing dates. Unlike what was seen in this year’s earlier spring market, the change in market conditions this Fall has presented the opportunity for Buyers to gain some leverage at the negotiating table, and often along with this comes the opportunity to include due diligence provisions such as home inspection and finance conditions into an offer to purchase a property. Be sure to ask your realtor about what this means for your deal, and understand that until a deal is “firm”, but Buyer may back out of a deal if their conditions are not met to their satisfaction.
With a change in the weather, come fresh opportunities. Preparing your property for sale in the Fall/Winter can offer some terrific ways to get creative when staging your property for sale. Savvy Sellers will create a cozy space allowing the Buyer to settle into a warm and inviting environment. Thoughtful items such as seasonal décor, boot trays, and an easily accessible coat rack are small items, but they can play well to a potential Buyers emotional assessment of a property’s suitability for their needs. Small touches get noticed and might be the difference between a Buyer stepping forward on your property versus working on a deal somewhere else.
If you are looking at buying or selling in the GTA this fall season, please contact Shirriff Wells to review your real estate goals. We look forward to connecting with you soon.