Hi, we hope you have had a great summer so far.
As we reflect on the year to date, unlike last year, we have actually had a relatively slow start to the 2019 market. It picked up in the second quarter, gained momentum and the third quarter of the year has shown a more positive shift in consumer buying and the real estate market. Sales figures show a slight increase in the number of new listings for the Bloor West area year over year. However, a continued high demand for the Bloor West area, combined with historically low inventory means that market conditions continue to tighten in the favor of our sellers. We are still witnessing multiple offers and bidding wars, driving home prices higher.
As we approach the end of the summer, we start to prepare for the fall market, our second busiest time of year for sales activity. There are some compelling reasons why the fall can be the best time of year to sell your house. Here are some considerations:
- Toronto’s housing market and pricing is based on comparable sales. The list price on a property in fall will be based on the homes sold in the prior months. Fall sales prices are generally higher than spring sales.
- Typically, listings are lower over the summer months. Therefore, new inventory in late August, early September are received well by eager buyers who have just started their search over the summer months when inventory has been low.
- The weather is still lovely in early fall, and as it remains warm outside buyers are more willing to go out and explore different neighborhoods. If your house offers nice curb appeal, it will still be evident during this season. If you are prepping for a fall sale, the warmth of the late summer will allow you ample opportunity to get any exterior painting done or any repairs to decks or fencing completed, all of which will help your home show in its best light.
- Another factor for selling at this time of year is that the fall market is secondary to the spring market in terms of volume. Therefore, there is usually less competition from other listings. Selling when there are fewer homes on the market will likely help you secure a higher selling price.
- Bloor West and the surrounding neighborhoods boasts some of the best schools in Toronto’s West end. It is one of the reasons the area is in such high demand. As a result, buyers are often looking here regardless of the timing of the school year. When the schools are great, there are fewer objections to switching schools mid-year.
As we approach the end of summer and if you are thinking about taking advantage of this optimum time of year to sell your home, here are a few things you can do to improve your home’s curb appeal for the Fall:
- Go Green – A green lawn always looks fabulous! Add fresh greenery and flowers to improve the appeal from the street. Fall mums, stonecrop and autumn clematis are just some of the late blooming flowers to get you started.
- Fall Urns – One of the easiest things to do is add two large flower urns on each side of your entryway. Your local grocery store or nursery will often sell inexpensive fall arrangements. You can transfer them from out of the container and into the urn and no one will know you didn’t plant them all yourself!
- Windows and Eavestroughs – Clean your windows and eavestroughs both inside and out. Just a little elbow grease will go a long way with this tip, and there is nothing like a clear view!
- Power wash it– Nothing is more satisfying then power washing years of grime and dirt off your porch, siding, walkway or driveway! You can rent a power washer if you don’t have one from Lowes or Home Depot.
- Front Door Pop – Boost your appeal by making your front door stand out! Painting your front door is an easy DIY project. Go with something bold that enhances the existing colors of the exterior of your home.
If you would like to schedule a home consultation or obtain more information about prepping your home for sale or timing to consider, please contact us team@redsquareteam.com
Until Next time,
Emir Dickson.
