So long summer, it’s been fun. Unfortunately (as far as most of us are concerned) the summer season has come to a close, with temperatures in Winnipeg already hitting the single-digits in the evenings and early mornings. But beyond weather there is another reason some area residents are feeling the blues and it’s felt by those who need to sell an old home fast (whatever the reason may be). The problem is that autumn is typically not a good time to make it happen. Here’s why.
3 Reasons Why It’s Harder Than Ever to Sell an Old Home in Winnipeg in the Fall Season and What You Can Do About It
1. Heading into Slump Season
Each year, data from mortgage brokerages and real estate agencies alike show that the number of single detached home listings are at their lowest in December, with November and October (autumn months) trailing close behind. The season makes a notable downtick in home sales across Canada, Winnipeg included. If you need to sell your old home fast, you already have one strike against you.
2. Available Buyers in Winnipeg Simply Aren’t Interested in Older Houses This Year
While sales slow down at this time of the year, there is no denying that there remains to be active buyers in the market. This is due to extremely low 5-year fixed mortgage rates and low (when compared to other major cities in Canada) prices for single detached homes, townhouses, and duplexes. But the same thing keeping the market afloat (low mortgage rates) is causing your home to lose value in the eyes of the few available buyers. With 5-year fixed rates as low at 2.64 percent and prices for favorable family homes hovering just over $300,000 they simply aren’t interested in buying a fixer upper. This is especially true this autumn because by the end of the season the overnight rate will have been static for nearly a year. This trend won’t likely carry though into the year ahead, so buyers are capitalizing now, and not even looking at older houses in less desirable communities.
3. Buyers on High Alert with Heating Concerns
There is a physiological yet practical reason for buyers overlooking an older fixer-upper in the autumn in Winnipeg. It’s cold. The worse the weather, the more they are reminded about heating and insulation. An old run down house screams “expensive retrofits” to make it livable through the autumn, winter, and early spring months of our cold continental climate. If there is even a hint at poor insulation, cracks in window and door trim, or inadequate roofing you will lose buyer interest quicker in the autumn than you would in the summer.
All of the above does nothing to change the fact that you have to sell fast. But the information doesn’t need to bum you out this autumn because you have a way to sell today, no matter when in the season you find this article. You can sell your fixer-upper without having to renovate or repair a single thing. Better yet, you will get cash in hand for fair market value. Learn more about how 5 Day Cash Offer works, or simply call us directly at 204.222.0022 anytime for a friendly noncommittal conversation.