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REALTOR® Prez talks about fall home sales on CTV #yeg #yegre


About a third of the annual residential sales take place in the three month spring period. There are about 17,000 residential properties sold in a typical year through the MLS®. This year we sold over 5,500 properties in April, May and June. Then there is a natural slow-down during the summer months.

 

In September and October some people get into the market to buy a new property and move in before Christmas. There is a slight sales bump in the fall before sales levels drop as we move into the Christmas season. But compared to summer the sales activity is lower and the pace slows down a bit for sellers and their agents.

This might be a good time to get into the market because, although sales activity is lower, the inventory is about the same level as in the spring. The MLS® gets about 100 new listings a day so there is always something new on the market to look at.

This chart shows what inventory levels were for the past three years. You can see that the number of available residential properties is about the same in April as it is in October.

With decreased activity there is less competition for the available homes, your REALTOR® may have more time to spend with you and the seller may be a little more willing to negotiate because there are less showings.

September is often busy with students going back to school, getting the car ready for winter and closing up the cottage, but these September activities do not affect some people. Empty nesters may be looking to relocate. Young couples coming off a summer wedding and recent graduates starting a new job may be ready to buy. Perhaps parents are looking for a condo for their student to live in while they are at school.

If you are heading out to look at property this fall remember, the most important element of a home search is the financing. Mortgage rates are still at historical lows but they will go up. I encourage my clients to look at properties valued below the amount that they qualify for. If your budget and income will qualify you for a $350 thousand loan, then start looking at $300 thousand homes. That gives you some financial room for renovations or to move up slightly if the right house presents itself.

 

The average consumer spends about $40,000 in the first year of home ownership after making the mortgage payments. Costs include carpets, drapes, home improvements, and landscaping. Lawyers and REALTOR® fees are sometimes not included in the mortgage amount. There are moving and storage costs plus deposits for utility hookups and other services. Keep those additional costs in mind when you set your budget and the first year in your new home will be a lot less stressful.

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