Is selling or buying a home in the Fall the right move?
Traditional real estate has taught us that historically, the most amount of listings to sell have always been in the spring to early summer months. However, if you have paid attn at all to the Real estate market in British Columbia it has been far from traditional or predictable for some time now. Although a vast majority of home sellers look to the spring to make that move, Does that mean that it is necessarily the best time to sell in the spring? what about buy?
Well if you are a buyer who is looking to find a new place to call home within the next 90 days or so, now is the time if you are wanting the best price, as well as the ability to have a solid offer with subjects and time to get those subjects done. When the 2016 spring market was in full swing we saw buyers not able to do there due dilligence sometimes and have to write offers with NO subjects or little subjects just in order to get an offer accepted. This spring 2017 is looking like we are going to be right back at the crazyness of a heated market with low listings. Meaning this spring it is very likely you will see a multiple offer type market similar to the one we saw this year. So if you are buying, taking advantage of the fall market will not only save you some money but it will definately save you some sanity.
One other thing to consider if you are a buyer is historically low interest rates still remain. With only one of the BIG banks increasing the interest rates obtainable thus far, owning is still a very affordable option.
Now if you are a seller, Is Selling in the Fall for you? Well a lot of factors may play a part in influencing your decision, time and dates for example. Selling in November and December would often mean closing and moving in January and February. But as far as highest interest and peak pricing to be received, many properties in the Fraser Valley have not dropped or dipped in sales prices. For exampls strata properties under $500,000. These affordable housing options remain in high demand, and are still selling very quickly and for top dollar. The same can be said for detached homes in the $550,000-$800,000 range with mortgage helper suites. These properties are in high demand, and listings are scarce. These properties are also selling for top dollar.
One thing to note, although we are seeing less multiple offer situations, sellers are still getting a fair price if the home is in good condition, shows well and is priced correctly.
So to recap, if you are buying, great time, avoiding stressful situations that will arise this coming spring, and potentially saving a little money.
Selling still getting a good price for your home, less multiple offers with the exceptions of a few property styles.
Thanks for reading I would love your questions and comments, text or reply on here 6049920616 jpratap@sutton,com