By David Elver for REALTOR.ca
The higher interest rates we’ve been experiencing in recent years have pushed many home buyers to the sidelines. But following another drop in the Bank of Canada’s benchmark interest rate on Sept. 4 (and more cuts expected to come later this year), some experts are predicting that a resurgence in demand can’t be far away. As a result, this fall could shape up to be a fantastic time to enter the real estate market, whether you’re a buyer or a seller.
If you’re thinking of listing your property this fall, there are a few simple things you can do to get your home ready, and help it sell faster, easier, and at the highest price possible.
The advantages of selling in the fall
Shaun Cathcart, Senior Economist with the Canadian Real Estate Association (CREA), said experts are now expecting rate cuts at every remaining Bank of Canada decision this year, with momentum carrying into next year.
“Combine that with a record amount of demand waiting in the wings, and the forecast for a rekindling of Canadian housing activity going into 2025 has just gone from a layup to a slam dunk,” Cathcart said.
This means that real estate activity this fall could start to ramp up as people begin to explore the market again.
“The question isn’t so much whether buyers will return, but when,” explains Brendan Powell, a REALTOR® and Broker of Record with the BREL Team at Bspoke Realty in Toronto, Ontario. “The reality is, buyers will come back when they feel conditions are favourable. All sellers can do is be ready for when that happens.”
Luckily, while most homeowners think of spring as the ideal time to sell, the fall is actually a great time to list your home. Just some of the benefits of selling in the fall include:
- typically there are less listings compared to spring, which helps your home stand out;
- late winter and early spring can be a mucky mess to get your home all spruced up, but late summer and early fall provide great opportunities; and
- more serious buyers who want to move in before the snow arrives, including people relocating for work or empty-nesters downsizing after their kids have left for school.
“September and October have consistently been busy times. Yes, that can mean more competition, but with more eyeballs, your home will benefit from broader exposure than in deep summer, when many Canadians tune out to enjoy the warmer weather.”
How consumers are feeling heading into Fall 2024
According to the RE/MAX 2024 Fall Housing Market Outlook report, which was conducted just prior to the September 4 announcement, the declining interest rate is making around 16% of Canadians feel more comfortable about entering the real estate market—but only if the key interest rate falls by 1% before the end of 2024.
The interest rate cuts are also boosting the confidence of potential first-time home buyers in Canada, with younger Millennials and Gen Zs who are already actively saving feeling hopeful they’ll be able to enter the market soon. In general, however, home buying has taken a backseat for around 25% of Canadians. As expected, day-to-day expenses are taking top billing, while interestingly travel is considered the second most important expense for those Canadians.
Affordability still remains a concern for many Canadians when it comes to entering the market. The RE/MAX report indicates 14% of current homeowners may need to sell their home due to still-high interest rates, and 25% of Canadians are reconsidering their family plans due to housing affordability issues.
Nationally, RE/MAX brokers’ insights predicts approximately 33% of housing markets in Canada are expected to be sellers’ markets, though evolving market conditions continue to make this somewhat unpredictable.
Make a great first impression
Once you’ve decided to sell, work with your REALTOR® to put together a plan to make sure you put your home’s best foot forward. For example, if there are any reno projects you’ve been putting off, like replacing old door knobs, fixing that broken step on your deck, or giving the interior of your house a fresh coat of paint, now’s the perfect time to get them done.
To brighten up the shorter days and darker nights that come with fall, clean your windows and screens, add some decorative accent lamps to any dark corners in your home, and open all the blinds, curtains and window coverings during showings to let in as much light as possible.
You might also want to consider adding some seasonal touches to your indoor décor, like hanging a fall-foliage-inspired wreath on the front door, or adding some orange or red throw pillows or blankets. To prepare your home for showings, turn your fireplace on if you have one, or add a sweet seasonal scent to your home by baking some gingerbread cookies or a pumpkin pie.
Consult with your REALTOR® before doing any staging on your own because fall overkill can distract buyers or completely turn them off of your home.
Stay on top of cleaning and upkeep
While fall leaves may be pretty to look at, they can also make a mess out of your otherwise pristine yard. If you have a showing or open house coming up, double check to make sure no one’s been tracking in any mud or dirt. To really maximize your curb appeal, don’t forget to consider what’s outside your home as well.
“Fall means yards and gardens are approaching the end of their summer foliage,” Powell says. “So clear out any flowers and plants that dry up in the fall, and stay on top of all those leaves. If you’re listing late in fall, consider adding some decorative outdoor plants that stay beautiful well into the colder weather, like decorative cabbage or black-eyed Susans.”
Of course, the last thing you want to discover on a cool autumn evening right before a buyer is coming to see your home, is that your furnace is on the fritz! Since most of us don’t use our furnaces much in the summer, a fall listing can be a great occasion to have your HVAC system cleaned and inspected.
Put the latest technology to work for you
Between virtual and 3D tours, 360-degree views, and remote showings, the technology associated with selling a home has come a long way in the past few years. Your REALTOR® can help put those technologies to work for you.
“If you plan to sell later in the year, get some outdoor photos done now, before the snow comes and the cooler weather hits,” Powell says. “Even if you’re still prepping inside, it’s worth a little early effort to capture what the summer peak looks like.”
“While your own snapshots might be fine, ask your REALTOR® to bring in their professional photographer ahead of time,” he adds. “Have a rock-star backyard? It may be worth shooting some drone photography or video to really capture things before the cold hits.”
Do your research
Because there are usually fewer buyers in the fall, it’s essential to stay on top of what’s happening in the market. This means having your REALTOR® do research on things like comparable listings in your area, tracking where your local housing market is headed, and understanding what buyers are looking for in a home right now.
“Changing demand, buyer expectations and your competition will all impact your sale’s timing and strategy,” Powell explains. “The right strategy could change from one day to the next, but the most successful sellers are the ones who listen to what the market, and their REALTOR®, are telling them, and act swiftly.
“Don’t get so stuck on a strategy, price or timing that you aren’t able to change it up to take advantage of opportunities,” he adds. “Your REALTOR® will know when to jump and when to pivot. Listen to them.”
If you are thinking about moving sometime this fall, please give me a call at 905-683-7800 for any advice about selling at this time of the year. In addition to tracking the latest market statistics and keeping you informed about any future interest rate changes, I can walk you through each step in pricing, listing and getting your home ready to sell, and help you sell your property quicker, with less stress, and at the best price possible.
Thanks for reading today’s BLOG!!!
Brian Kondo
Sales Representative / Team Leader
The Brian Kondo Real Estate Team
Re/Max Hallmark First Group Realty Ltd.
905-683-7800 office
905-426-7484 direct
brian@briankondo.com
www.BrianKondo.com
www.BrianKondoTeam.com
David Elver's article was initially published on REALTOR.ca. You can find it by clicking here.
| REALTOR.ca is the most popular and most trusted real estate website in Canada. Owned and operated by the Canadian Real Estate Association (CREA), REALTOR.ca provides up-to-date and reliable information that makes finding your dream property easy and enjoyable. REALTOR.ca is popular with sellers, buyers, and renters and is accessible online and on mobile devices. |
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About the Author David Elver is a Vancouver-based freelance writer, editor, and screenwriter who has worked with some of Canada’s leading public- and private-sector organizations. His work has appeared in newspapers, magazines, and online publications across Canada, and run the gamut from feature articles and social media success stories to best-selling coffee table books and two feature-length television movies. David enjoys kayaking, snowshoeing, and sunset strolls on the beach, although usually not at the same time. |
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