Fall is coming!

October and the fall are upon us yet it feels like summer has just arrived in September! Unseasonably warm weather is welcome after such a disappointing summer and with it has come as even brisker fall Real Estate market.

Realtors across the city will tell you that this is one of the city’s busiest Real Estate markets in a very long time and statistics support this view. The listing inventory across the city is generally, very low. As an example, units available in the west end of the city are at about a month supply of inventory, and in the east end 2 months supply of inventory. Anecdotally, we have begun to see movement in some sectors of the Capital region in the upper end of the condo market as well as increased sales in leisure property. This all adds up to a busy Real Estate market at a time when other markets in other cities appear to be waning.

Interest rates that are slowly creeping up (2 consecutive Federal rate increases) seem to be giving some Buyers the impetus to get off the fence to buy but the lack of available inventory is causing a challenge. Home owners may wish to make a change but the lack of desirable supply may give pause to such a decision.

If you are giving some consideration to selling I have suggested to our clients the concept of “be prepared” especially if being an owner of two homes is not part of your plan. Planning ahead makes sense especially if you have lived in your current home for a period of time. If so, you may likely have been able to accumulate a lot of things. While weighing out your options this is a good time to have a trusted realtor into your home to give you a good understanding as to what will be required to prepare your house to bring it to the market and what the anticipated market value could reasonably be. Have you deferred some maintenance on your home? How is the landscaping? This includes pieces such as entry stairs, exterior paint, and trim, downspouts, fences and garage doors. How does the roof look? What about windows, insulation, electrical, mechanicals and plumbing on the interior? Are there some things that you need to address before you go to the market? If the answer is yes to one or several of these items perhaps creating an action plan and budget to update some of these deferred items is a start. Remember, everything a new Buyer must do to get the house updated will be dollars they will be deducting from the purchase price.

Once the realtor understands your property you can expect to get an estimated price for what your home will sell for in the current market in the next 30-45 days. This price is fluid. As events unfold in your world expect fluctuations in this price as well. As an example, in the west end of the Nation’s Capital the former Nortel complex will be expecting some 8500 employees over the next several years. The addition of rapid transit servicing the area is going to bring more people into this part of the region. This may have an effect on prices all other things being equal.

Editing the volume of things in your home is another way of preparing your home for sale. Decluttering closets and cupboards while purging the house of all unnecessary and unused items is a good place to start to prepare your home for sale. If you have not used it in the last 18 months then maybe you know someone else who will. Just because you have the space does not necessarily mean you have to fill it!

Once you have purged and repaired you may want to freshen up with paint or remove wallpaper that gives a dated feel to your home. When to paint or remove wallpaper? If someone can predict the year it was painted then it is time to repair and change the colour. Those small print, dusty rose wallpapers from 1980 are the ones I am referring to. Sarah Richardson from HGTV loves white! Whites come in a variety of tones and shades from warm to cool so there is not anything like plain white anymore. White backgrounds are perfect for any kind of furniture that can be accented or highlighted with a splash of colour using cushions and artwork.

Remove all personal items from view, that includes photos. Pieces like diplomas, awards, or other items where potential buyers are able to identify and determine personal things about you and your family should be edited and carefully packed and put away ready for your move.

So you have edited, repaired and painted. The final thing is a good cleaning. Be thorough. If you have carpets have them sent out to be cleaned. If you have broadloom have a professional service come in and steam clean them. Nothing speaks to how your home has cared for more than cleanliness and tidiness. If you have pets this is of particular importance. Having a clean litter box is paramount. In a market when choices are few you may have more flexibility but when there is more to choose from these small things can often times be deal breakers. Smoking in a home can reduce the value of upwards to 15%. Smoke leaves a lingering odour while the nicotine rests on switch plates, and walls.

At Exceptional Properties, we have a variety of supports in place for all of our clients in order to make the transition as seamless and smooth as possible. We respect that for most Buyers and Sellers this is likely the most amount of money you will spend on any one thing and we focus on taking care of that investment with you.

Should you be looking for some friendly Real Estate advice please, I will always make myself and our team available to serve you.