Summer is nearly over, and the UBC real estate market is about to move into an autumn swing. In a seller’s market, you want every advantage you can get.
While there are certainly many aspects of home sales that remain the same year around, there are also certain aspects of the market that change with the seasons. If you have a house for sale, important to know the specifics of when you are selling. Here are some reasons why buying or selling your home in autumn is an ideal time.
Beating the Winter Freeze
Many people also like to buy in the autumn so that they don’t have to deal with the hassles of moving during the winter freeze. This way if there are any minor home repairs that have to be dealt with, they can get those repairs done while the weather is still mild.
Prepping for next spring’s landscaping can be ideally done in the fall; any work that has to be done on stairs, fences or on roofing is best done before it gets cold.
Sellers Watch Your Pricing
When the market is high, it can be tempting to price your home high to take advantage of buyer interest. This is generally a bad idea.
Work with your real estate agent to examine the local market. See what other comparable homes are selling for, and price your home accordingly. Remember that surface renovations aren’t a magic ticket to bidding wars.
Buyers Watch Your Budget
Since the fall tends to be such a high-competition time of year, it’s important for buyers to keep their budget in mind when purchasing a new home. With listings coming and going rapid-fire, everyone is looking for a quick turnaround and ideal pricing.
Beware of bidding wars. Paying more than you can afford is only going to make your dream home turn into a nightmare; you definitely don’t want more house than your budget will allow.
It’s always a good idea to get pre-qualified for your mortgage. This pre-emptive action will help you stay on budget and know the level of loan you can get. It also enables you to act immediately. There is less chance of losing the home if you’re pre-qualified because you can then bid immediately. Sellers will know you are serious about making a purchase if they know you are pre-qualified.
When it comes time to purchase UBC real estate, autumn is a great time to buy. Competition is high, as is excitement for the market. Just make sure that if you are a buyer you watch your budget, and as a seller, watch your pricing. Whether you're buying or selling in the UBC area, Sam Huang and his team are the regional experts.
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