Wow – just like that, it feels like Summer is ending – and the real estate market is beginning to change like the leaves!
This is such a wonderful time of year. Personally, I view the fall as a time of rebirth – and maybe because of all those years at school – something more like the beginning of a new year.
With real estate – this can be a very exciting time of year. As folks get “back to school” and return to their daily lives, they leave their summer selves behind and begin to focus on important matters that may have gone to the back burner. Maybe its a bathroom renovation, new roof, or big landscaping project.
For lots of Sellers (and Buyers) in the real estate market, the Fall is a great time to make a move. That means choosing to list their home, or making a decision to purchase their next one.
Today, let’s talk about some seasonality in two key Alberta real estate markets: Canmore and Cochrane.
When it comes to seasonality in our real estate markets, there are a few things that remain true. Typically, like in other markets, the Spring is the “busiest” time of year. This means we start to see the most listings coming to market from Sellers – and ideally an adequate amount of Buyers to eat them up.
What causes this, though?
The slowest time of year in real estate tends to be December 1st to February 1 (or something close to that). It’s no wonder to see why: this is the busiest holiday season and end of the year, where we have Christmas and New Years and all kinds of other things in our plates. Who wants to think about selling their home while juggling Christmas shopping and party-plans? Same goes for Buyers – too busy to think about that next purchase.
Out of this market slump however, we start to see Buyers piling up on the sidelines. As the calendar flips into January, Buyers consider their next move. Will they finally buy that investment property they’ve always considered? Or move up to their dream home?
Gradually, listings trickle onto the market and, for a time, Buyers outweigh Sellers. This means Buyers compete for great properties – often bidding prices up – and egging on more Sellers to enter the fray.
The second slowest time of year is August! Like the Winter Holidays, most Buyers and Sellers have too much on their mind in August. Maybe they’re getting in one more camping trip, sailboat journey, or hike of a lifetime.
But – when the kids go back to school – we see a similar effect in the real estate market as we do in the early Spring. Buyers have been waiting, and Sellers trickle back. Prices rise, enticing more Sellers to jump into the market. And hopefully everyone gets the property they want before the year ends!
For Property Sellers in Canmore and Cochrane, this means we are entering into one of the best times of year to list your property. Eager Buyers have been waiting – and a drought of properties on the market means they are ready to scoop up whatever they can! Higher prices can be commanded if you act promptly – and limited choices for Buyers means they will compete for your home.
Don’t despair Buyers – this is what you’ve been waiting for! Many of my Buyer clients reach out to me in August just to confirm their automatic search is still working. This is because the market has been so unbelievably slow. But here come the properties! Will there be competition? Likely, at the start, and for extremely desirable properties. With more Sellers coming to market though, the balance inevitably shifts the other way – and Buyers command more control.
Do you have your ducks in a row as we enter into this crucial quarter for real estate activity?
Sure, you may be ready to Buy your next place. But have you connected with an experienced agent to help you Sell your current home for top dollar? And, if you haven’t started your search yet – are you looking at the right properties to make sure you get what you want for your important purchase?
If you have questions about Cochrane, Canmore, the real estate market or seasonality in our markets – please feel free to connect with me directly. I’m always available via text, call or email, and no question is too small.
Cheers and best of luck during this busy fall season!
Feel free to call, text, or email Dan today for no-pressure advice,
tips and insights into the Canmore, Cochrane & Banff real estate market.