Known for its turbulent increases and decreases, the seasonal fluctuations that the Canadian real estate market undergoes is no exception to the changing rates.
As the summer months often kick off the start of a rapid-speed real estate market packed with sellers and buyers, the fall season is hot on its trail.
Understanding how to navigate the fall real estate market, whether you are a first-time homebuyer or looking to purchase your next property, is crucial to help you make the most of your investment.
If you are ready to make the jump into the fall real estate market, these tips will help you to make the most informed decision, while keeping the big picture in mind: The changing rates & seasonal fluctuations.
1. Do Your Homework
Much like our little ones are settling into their new routine of after-school hours spent completing homework, it is just as important to do your homework when it comes to the fall real estate market.
Before entering the market, take a look at the current interest rates along with the housing rates for the properties you are interested in. Understanding that these rates may experience an increase or decrease due to the current economic conditions, consider if buying a home in this economic state is right for you and your financial situation.
If you aren’t sure where to start, take a look at our Instagram page! With every Bank of Canada announcement, we are always the first to update our clients with the latest interest rate news.
2. Get Pre-Approved For a Mortgage
Often, many individuals get pre-approved for a mortgage before they begin to look for their next new home. By getting a jump start on the mortgage process and getting pre-approved, you are able to narrow down your budget and get a clear picture of which home you can afford, and if now is the right time to invest in a property. Additionally, it will help make the mortgage process much smoother once you find your dream home!
3. Prepared to be Flexible
As the real estate market tends to settle down after the busy summer season, the fall season can be an excellent time to buy a home. However, this can also bring forth a restricted supply of homes.
When you find a property that checks every box you are looking for, be ready to act immediately. Being flexible in your scheduling, such as being available for mid-week viewings for example, can provide you a competitive advantage against other buyers.
While it is often recommended not to rush this process, it can be at your advantage to act quickly with your decisions in the event that the home you are looking to purchase is no longer available.
4. Don’t Skip The Home Inspection!
It is critical to ensure that the property passes all inspections. Especially in Canada, the chilly fall season ends quickly and is followed closely by a prominent winter.
With that being said, ensuring your home will withstand the short fall season and is ready to jump head-first into winter, is crucial.
With the home inspection, you will be able to assess how your heating, insulation, and the overall condition of your home is before you sign on the dotted line.
Make sure you are comfortable moving forward with the state of your possible home before signing! You want to avoid paying any additional fees in the middle of winter due to a skipped home inspection.
Step into Fall Confidently with Arise Mortgage
Whether you're a buyer searching for a dream home or a seller looking to close a deal before the year's end, the fall season has its own rhythm and rewards for those who are prepared. By understanding the seasonal shifts, staying informed about local market conditions, and keeping an eye on the increases and decreases posed by the Bank of Canada, you can navigate the fall real estate market with confidence.
Get in touch with our team today, and let’s get you started on the journey to becoming a homeowner this fall!