The first days of autumn are here! For many, this is a time for pumpkin spice lattes at Starbucks, a highly addictive drink. But while the rest of the country slows down for the cold weather, real estate is just heating up. So whether you’re looking to buy or sell, consider our top tips below.
The shortage of homes
Fall is notoriously mislabeled as being a bad time to buy or sell. There are fewer homes for sale during fall, but there are also fewer buyers. But these buyers have spent the last 2-6 months loosing bidding wars, and are ready to make a competitive bid to secure a home before the holiday season. Below are the stats for demand from Sotheby’s International Realty’s mid-year report:
- Demand under the $1 million mark far outstrips the supply, causing some gridlock in market.
- Home sales over the $4 million mark have skyrocketed with an 81% higher turnover from last year, which is an affirmation of the strength of our market in all price cohorts.
- The City of Toronto represented the highest percentage increase in sales over $1 million, with a 35% gain over last year.
- The resulting gridlock, and price increases has led to a shortage of condos that are big enough to satisfy a family (1600-2200 sq ft)
Seasonal real estate surges
- Seasonal photos elicit a higher emotional response. Spring and fall are fantastic times to get stunning photography, especially if your home is in an area with mature trees or beautiful landscapes.
- A home is more than a monetary investment, it’s also an emotional investment. That’s why our buyers give us deadlines like “I want to move in before Halloween”, “I want to spend the holiday season at my new home”.
On Christmas morning, when families are spending quality time together, the searches for real estate skyrocket to spring/summer levels. It’s not that people are heart-less, it’s because Christmas is when families get new Ipads and computers, and they go to their favorite websites. We assert that buying a home is a monetary investment, but it’s also an emotional investment. When selling a home, appealing to a buyer’s emotional side is a fantastic way to speed up the sale of your home, and sell for more money.