Earlier this year, with the statistics forecasting our best year yet, no one could have imagined the impact of COVID-19 on the Saskatoon real estate market. Self-isolation and social distancing were things we had never even dreamed of and they quickly became our reality without much warning. Soon after, the market slowed dramatically, leaving both buyers and sellers worried what the future would hold.
Luckily, though, the warmer weather brought with it a sunnier outlook, and as recoveries continue to rise, so do sales. This means, if you’ve been toying with the idea of selling your home in 2020, this summer is a fantastic time to do so—and here’s why:
#1 – Awesomely Low Interest Rates
With the current economic climate in the state that it is due to COVID-19, the current interest rates for mortgages are at a record low—some even reported to be as low as 1.99% on a 5-year fixed term! Because of these low interest rates, more home buyers are entering the market equipped with more buying power than they previously could have afforded. So, if you were to list your home today, there would be more potentially interested buyers to sell to—so you could kiss those worries of never-ending relists goodbye!
#2 – Fewer Listings, Less Competition
Saskatoon, as of today, is in what we’d call a seller’s market. While more and more buyers are flocking to the market with the low interest rates, the same is not being said for new listings. This lack of inventory in the Saskatoon market means those listings that do exist are getting more action than ever before, with quite a few of them pulling in competing offers. As a seller putting your home on the market today, you can expect to see more urgency from buyers and a shorter listing period. And why not turn your dreams of a new home into a reality much quicker!
#3 – You Have A Clearer Idea of Your Wants & Needs
After months of social distancing and staying home to stay safe, I can almost guarantee that you have gotten pretty familiar with your current home. More specifically, I’d say you’ve gotten pretty familiar with what it’s missing for you and your family. This means that you’ll have a clearer idea of what you’ll be looking for in your new property, helping to narrow down your choices to make finding your dream home simpler and less like digging through the clearance rack to find a gem!
#4 – No School Means Easier Moves
Summer is traditionally one of the best times for families to move, with kids out of school and summer vacation times more readily available. Not only will you have the extra free hands to help carry the boxes, but you also won’t have to worry about disrupting their learning process or moving them out of the school district before the year is through! Plus, a move earlier in the season gives them plenty of time to explore and fall in love with your new home just as much as you have!
#5 – Summer is the Best Time for Curb Appeal
Curb appeal is the first impression that buyers get of a home. And in the winter, when everything is coated in a blanket of wet and white, it’s hard for them to get an accurate read of what the curb appeal actually is. The trees are bare, the garden is covered, and they have no idea if there’s any grass under there at all.
In the summer, though, nature is in bloom, the weather is warm, and your home can truly be seen in its best light (mostly because there is still light after buyers get off work). This helps to reinforce a buyer’s impression of the house, giving them another determining factor to help them make their decision, rather than leaving them in the mysteries of the unknown.
With plenty of buyers on the market, eager to get out and get moving while the water’s warm, summer 2020 is really shaping out to be a great time to be a seller. And if you’ve been questioning whether or not to get started, take this as your sign from the heavens—your time is now. And I can help! Contact me to get your free custom market evaluation today and let’s get started!