Many of you know how hot the real estate market has been in Burlington, Hamilton and the rest of southern Ontario this spring and summer. Early signs suggest no slowdown is on the horizon, even with the traditionally slower fall season creeping closer.
For those preparing to be active in the market in the fall as either buyers or sellers, it’s important that you prepare for what will likely continue to be a very competitive and demanding market. But with the right Realtor and the right plan you will be well on your way to getting the desired outcome you want.
Tips for Sellers
The following are some useful tips that will help home sellers make sure they’re well prepared to put their home on the market and get the biggest bang for their buck.
- While your garden is still in full bloom and your yard is (relatively) green, now is the perfect time to take pictures of the exterior of your home to really wow potential buyers.
- Get your home on the market as early on in September as possible when supply is usually low due to the ‘back-to-school’ effect.
- An early listing is especially important if you then need time to find your new home. It’s usually a lot easier to move in November or early December versus January or February.
- Remember that many buyers are very reluctant to move come mid to the end of December because of the holiday season. The sooner you get your house on the market the sooner it can sell with a closing date before then.
Tips for Buyers
On the flip side, a smart buyer can take advantage of this slower period to perhaps get a better deal for their new home. Demand should be tempered during this period, though as noted above so will the supply of houses.
- If you’re determined to buy now, realize you can’t be too picky when it comes to the house you decide upon. It may not be your dream house, but if it’s priced right, is in the right location that avoids a change in the kids school and has a favourable closing date, it could the home for you!
- Fewer competing offers mean more bargaining power for you! While this likely won’t result in the seller giving you ‘the kitchen sink’, you may be able negotiate more than you would have during the spring or summer months.
- Be flexible! Unless it’s absolutely necessary, don’t set any firm or even artificial deadlines and timelines for the purchase of your new home. Allow things to be more fluid and give yourself the maximum amount of flexibility possible to find the right – and optimal house on the market.
With any of the tips noted above, it’s important that you discuss your particular needs with your real estate professional before moving forward and making any decisions. They can explain to you the relevance of the above points to your unique situation and provide you with the advice and guidance you’ll need to make informed, smart decisions.