Spring is traditionally the busy period for...
Audrey Wamboldt, co-owner and mortgage specialist with Dominion Lending's The Mortgage Ladies
Spring is traditionally the busy period for the real estate industry, but did you know you're actually more likely to sell your property in the fall months?
Most people believe the spring is the best time to sell your home and for good reason. After the dark days of winter, it's believed there are plenty of homebuyers out there, which will result in lots of competition for your home.
However, the reality is that the spring market brings other challenges that many fail to consider. While it's true people become more active when the weather warms up, and you may therefore be able to tap into a greater pool of buyers, you also have to factor in that thousands of other home sellers may have the same idea – and therefore, you will experience increased competition for those very same buyers!
In fact, waiting until spring to sell your home might turn out to be very disappointing, as you could be facing a buyers' market if an oversupply of homes hits the listings.
Real estate agents are often more successful at converting a listing into a sale in autumn than in the spring, and it all comes down to quality over quantity.
Add in the old adage that interest rates spring up in the spring and fall down in the fall and you can easily see why many people believe the fall is the best time to sell and buy a home – and seek mortgage financing! Lenders usually look to the spring market and the increased demand for mortgage funds as the best time to increase their profitability by raising mortgage rates to meet the demand.
However, in the fall when the real estate market is generally quieter, we typically see interest rates drop or even the introduction of interest rate specials to entice more home purchasing or refinancing.
Autumn is a special time with wonderful changing colours and textures in nature, which presents a unique opportunity for attractive garden presentation in your very own backyard. Just ask yourself, 'How many people do you know who fell in love with a home because of its beautiful garden?'
If you're a seller with a garden or courtyard, it's recommended to play up your outdoor assets during your sales campaign. Using local produce to decorate your table, fresh fall flowers and colours to set the stage, and you have the ideal conditions for a successful home sale!
Audrey Wamboldt is a veteran mortgage specialist with Dominion Lending Centres in Burnside. She can be reached at (902) 444-4343 or visit her Web site at www.audreywamboldt.ca.