In an area such as Quinte, one might believe that the majority of home sales would occur during the spring or summer. This would be particularly true in the vicinity of CFB Trenton where a good part of the House Hunting Trip (HHT) season happens in the spring . However, you may be surprised to learn that in the Quinte & District Real Board (QDREB) … the Board that encompasses Trenton … the fall is also a very active time for home sales. In fact, October was the fourth busiest month for home sales in all of 2010.
Given some of the factors noted below, this fall may also be very active and thus be a great time to invest in your family’s future or to improve your quality of life.
As you may be aware, over the past couple of years the military posting season seems to have taken place over a longer period than in years gone by. This has resulted in some homes staying on the market longer than usual. In other words, there are still some homes available for sale that may have originally been listed for sale at above their appraised values but are consequently now priced below that number.
Buying or selling in the fall market is typically less stressful given that moving companies, lawyers, home inspectors, etc are less busy and can be more accommodating to your needs. Of course, not being on a four day ‘run and gun’ HHT may also relieve some pressure as well, particularly if you are now more familiar with the Quinte area.
If you have children you now know where they’re going to school and therefore know the best catchment area in which to purchase your home … that is, if you don’t plan to change their schools.
Some home sellers have already moved and left their homes empty, making the normal issue of ‘possession date’ a non-issue. If this is the case, you can probably get the home on the date you want with little or no argument.
Mortgage interest rates are still at an all time low and given the ‘global market volatility’, the forecast rise in interest rates is now on hold … at least until the end of the year. In fact, mortgage experts are now predicting fixed rates will go down instead of up and that variable rates will remain the same. Perhaps some of the money you may have lost in your RRSP portfolio can be re-couped with the purchase of your primary residence or an investment property.
Those of us with an uncertain annual salary or with uncertain job security may be more inclined to stay on the sidelines during these tumultuous economic times. However, those with a secure job and a regular salary may be able to take advantage of these times, and this fall season, to buy into the Quinte housing market.
