The leaves are changing color, the air is getting cooler and this can only mean one thing: fall is here! Fall is a great time to buy or sell real estate in Vancouver. Here are some tips for those considering selling their home now that it's fall.
First, consider your options carefully. You should choose the timing of selling your home in a way that works best for you and your family. If you're looking to move before winter sets in or if there are other reasons why it's important to wait until later in fall either as an individual or on behalf of another member of the household.
1) A hot pre-sale market - Presales are increasing right now, so you can get a jump on the market and sell your home before it actually hits MLS. This is great for homes that have desirable features, such as those with larger lots or newer builds in move-in condition.
Since presales are often exempt from GST (goods & services tax), this could also mean more money in your pocket.
2) Demand seems to be outpacing supply - A number of factors can potentially explain this, such as what's going on in the stock market and how people are reacting to it. Buyers are tuning to be increasing sales rates as there isn't much to choose from right now.
3) Low interest rates fueling demand - A recent survey found that record low interest rates over the past couple of years have been a major factor driving home affordability, which many people are now taking advantage of.
It could also have something to do with interest rates that remain near all-time lows - so nothing significant has changed there.