If you’re thinking about moving, selling your house this fall might be the way to go. Here are four highlights in the housing market that may make your decision to sell this fall an easy one.
1. Buyers Are Actively in the Market
ShowingTime, a leading real estate showing software and market stat service provider, just reported that buyer traffic jumped 60.7% compared to this time last year. That’s a huge increase!
It’s clear that buyers are ready, willing, and able to purchase – and they’re in the market right now. In many cases, multiple buyers are entering bidding wars to compete for the home they want. Now is a great time to take advantage of the buyer activity currently in the market so you can sell your house in the most favourable terms.
2. There Are Not Enough Homes for Sale
The number of months of inventory is another important measure of the balance between sales and the supply of listings. It represents how long it would take to liquidate current inventories at the current rate of sales activities. According to the Canadian Real Estate Association (CREA) heading into September, there were just 2.6 months of inventory on a national basis, the lowest reading on record for this measure. At the local market level, a number of Ontario markets are now into weeks of inventory rather than months. In Brantford, we are currently sitting at less than 1 month worth of inventory. This means there simply aren’t enough homes for sale to satisfy the number of buyers.
Due to the health crisis, many homeowners were reluctant to list their homes earlier this year. That will change as the economy continues to recover. The choices buyers have will increase going into the new year. Don’t wait until additional sellers come to market before you decide to make a move.
3. The Process Is Going Quickly
Today’s ultra-competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home.
4. There May Never Be a More Important Time to Move
You’ve likely spent much of the last six months in your current home. Perhaps you now realize how small it is and you need more space, or maybe there are features you're missing in your current home that you would appreciate having in your next home, or if you’re working from home and your children are doing virtual school perhaps the floor plan in your current home does not work for your family’s changing needs.
The housing market is prime for Sellers to take advantage of right now, so call The Terry Summerhays Team today at 519-802-8770 and let's discuss your best options for making a move.