Homebuying has been on the rise over the past few months, with record-breaking sales powering through the market. Buyers are actively purchasing homes, and the momentum is continuing into the fall. It is, however, becoming harder for buyers to find homes to purchase in certain price ranges and neighbourhoods. If you’ve been thinking about selling your house, the coming weeks might just be the timing you’ve been waiting for.
Statistics released by the Canadian Real Estate Association (CREA) show national home sales and new listings continue to rebound with new listings hitting their highest level on record, while sales posted the highest level of any month in history.
What Does This Mean for Sellers?
If you were thinking about putting your house on the market in the spring, but decided to wait due to the health crisis, it may be time to make your move. Buyers are in the market right now. With so few homes available to purchase, homeowners today are experiencing more bidding wars and record-setting sale prices, creating an optimal time to sell.
Is This Trend Going to Continue?
In real estate markets across the country, there are no signs of slowing buyer demand this fall:
“The usual summer slowdown in the housing market is not happening this year. Buyers continue to show strong demand, spurred by the new stay-at-home world of the coronavirus and by record low mortgage rates.”
Danielle Hale, Chief Economist at realtor.com, concurred:
“In a typical year in the housing market, buyer interest begins to wane before seller interest causing the usual seasonal slowdown as we move into the fall. Due to a delayed spring season and low mortgage rates, we could see buyer interest extend longer than usual into the typically quieter fall. Whether this means more home sales will depend on whether sellers participate or decide to stay on the sidelines.”
As Hale mentioned, homeowners who are willing to sell their houses right now will play a big role in whether the trend continues. The market needs more homes to satisfy ongoing buyer demand. Maybe it’s time to leverage your equity and move up while eager home shoppers are ready to purchase a house just like yours and are willing to pay top dollar for it!
If your current home doesn’t meet your family’s changing needs, let’s connect to help you sell your house and make the move you’ve been waiting for all year. Call The Terry Summerhays Team today at 519-802-8770 for a free consultation.