The real estate market may have cooled down a little since the Spring of 2021, however that doesn’t mean that sellers still don’t have an advantage. In fact, Fall is a wonderful time for homeowners to list and sell their homes for a multitude of reasons.
Not only are homes at their peak curb appeal, given the beautiful and cozy look of the fallen leaves, but typically, in the Greater Toronto Area, Fall is a strong season to sell in. So if you’re currently a homeowner looking to sell, you’re in luck! Here are 4 reasons why it’s a great time to be a seller in the Fall 2022 real estate market.
1. Buyers Don’t Want their Pre-Approvals to Expire
Buyers who locked in on their pre-approvals for up to 120 days don’t want to miss out on their opportunity to purchase or have to go through the process all over again. Especially with mortgage rates increasing.
This puts the seller at an advantage since buyers who have been pre-approved will be anxious to purchase and lock something in before time runs out. Therefore, sellers can expect quite a few eager buyers headed their way once their house has been listed.
2. There’s Still a Housing Shortage
We are seeing an increase in inventory, however, we still have a housing shortage. Currently, there is not enough housing to go around to meet the needs of the long-term population growth and the increase in immigration.
3. Fall is a Strong Market
There are many reasons why Fall is a great time to sell! Not only is the look and feel of one’s home beautiful, given the Fall curb appeal and cozy interior decor, but we also tend to see more serious buyers in the market.
People continue to relocate for corporate positions, the kids are back in school and people are back into their normal routines. So, buyers tend to become a little more serious, as well as anxious, to find their home and settle in. Especially compared to the summer months! This leads to a strong real estate market in which many sellers can see success.
4. Buyers Want to See Your Home Before the Snow
Canadian winters can be harsh and dreary! This is why so many buyers are anxious to see homes and lock in their purchases before the snow hits the ground. In addition, selling one’s home during the winter months can be challenging. Not only is the curb appeal less than ideal, but many home buyers will pause their hunt during this time, as they don’t want to make the trek in the snow.
As a seller, it’s best to list your home before the dead of winter rolls around, helping you to secure a successful offer. Now, if the only option available for you is to sell during the winter months, it’s important that you at least get some photos of your home during brighter times such as Summer or Fall, to have on hand.
We are experiencing a more balanced market and it's a great time to list your home and take advantage of the many benefits that a Fall market has to offer. Excited and more serious buyers would like to move before the snow falls, this time of year truly presents a great opportunity for sellers.
Of course, we always recommend that any home seller has an effective strategy in place! Feel free to download our free Sellers Guide for more tips and tricks. If you’re serious about getting prepared to list your home and want to secure a strong offer, feel free to contact us today. With over 23 years in the industry, our team can definitely help you.