As autumn trees shed their colours and a new year quickly approaches, you might be starting to think 2020 has already come and gone without your plans for a new home coming true.
This time of year typically isn’t ideal for people to buy or sell homes because the fall season tends to be busy with holidays and family functions. Trying to coordinate showings and closing dates around dinner with your extended relatives can be difficult. Usually, folks opt for a less complicated time of year to save themselves the headache, like the spring market.
These are unprecedented times, however, and COVID-19 has changed things for buyers and sellers this fall season. There are several reasons why market experts are saying now is the ideal time for homeowners to make their move — the most obvious being that homeowners are stuck at home.
One of the many advantages of selling this fall is that there are fewer homes for sale on the market, meaning you have more control over the transaction and get a higher price for your home than you would have this spring. There are more buyers in the market this fall than in a normal fall given how competitive the real estate market ended up at the end of summer. Many buyers who lost in multiple offers or who were waiting for a slowdown in sales are coming to the table to find the next place they will call home. There are still many markets with multiple offers on most sales.
Don’t discount the urgency the impending new year brings to some homebuyers. Lots of people want to close quickly on a home during the fall, especially if they’re a family with kids. In these cases, most folks want to start their kids at a new school in the area by January, so they’ll likely want to close by the new year.
More qualified buyers tend to peruse the market during the fall months. Homebuyers who have to buy rather than those who are just passively looking for an upgrade to their current digs. These buyers may be somewhat more equipped to close on a home quickly as holiday plans are difficult with moving boxes everywhere.
There is also an influx of buyers who put off weddings and big celebrations because of the pandemic, instead, investing in buying a home. The number of weddings in summer and fall is higher than any other time of year and as those plans change with ever adjusting COVID protocols, more couples are ready to invest in real estate.
It’s impossible to take a walk through your own neighbourhood without noticing the bright, brilliant foliage blanketing the treetops — yellows, golds, reds, oranges, iconic fall colours. That’s actually a factor for homebuyers, too. Fall is a time of year where daylight hours disappear quickly, and we aspire to be cozy, wrapped in blankets by a fireplace. The inclination to nest makes finding a home to nest in, with the amenities a modern buyer desires, the perfect time to sell your home. Despite normal market patterns, fall 2020 hasn’t seen a slow down.
Home sales are up higher this time of year in busy markets across Canada and the United States as buyers who put off buying in the spring due to looming uncertainty regain their confidence in the real estate market and investing in real estate. Many thought a crash was coming, however, values have continued to rise and so has competition.
If you planned to move homes in 2020 and have yet to do so, all is not lost! The year isn’t over yet, and now could be a better time than ever. All you need is a goal, a date, and an experienced, trustworthy REALTOR®. Lucky for you, we’ve got you covered there.
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