Are Homes Selling Quickly in Fall 2022? You Might Be Surprised

By: Dana Gain

Are Homes Selling Quickly in Fall 2022? You Might Be Surprised

Tags: fall 2022 home sales, fall 2022, fall 2022 real estate results, real estate, selling over asking, home pricing, homes for sale, houses for sale, real estate videos, realtor blog, real estate blog, top real estate blog, real estate articles, 2022 real estate, real estate in 2022.

One thing will always be true in real estate: well-priced, attractive homes sell fast.
 
Even after all the interest rate hikes this year and the resulting downward pressure on home prices, we continue to encounter client situations in which a home sells after just a few days on market.
 
Given the right conditions, some are even selling to multiple offers.

A client of ours viewed a freehold townhouse in Guelph just last week, for example. 3 bedrooms, 3 bathrooms, finished basement, walkout to yard, lovely deck. The property was attractive inside, was located on a lovely, quiet cul-de-sac, and showed very well.
 
The home was not especially large, though, just under 1,500 square feet, and it was missing most of the high-end finishes that buyers love.
 
Nonetheless the property showed very well and was priced under market value. This townhouse was listed for $599,900 and sold on October 3rd, 2022, for $675,000 on offer day, $75,000 over asking.
 
Most striking, 22 buyers submitted offers for that home.

(In case you’re wondering, yes, our buyer client was the winner.)

How are other regions of the GTA faring?
 
To answer this question, we did a review of what’s selling in the popular Bronte Creek and West Oak Trails neighbourhoods of Oakville. We took a random sample of 23 properties that sold in the past 90 days.

What did we find?
 
Of the 23 homes that sold in 8 days or less, 15 sold either at or well over asking price.

This was true regardless of home style. Whether detached, townhouse or condo apartment, the trend was the same. In short, 65% of well-priced properties in these areas of Oakville sold in 8 days or less (OMDREB, 2022).

Our last property sale in Oakville (September 15, 2022) was just 8 days on market and sold for 93% of asking price. 

We conducted a similar exercise in the ever-more-popular suburb of Waterdown and found even more striking results. Of the 25 homes that sold in just 4 days, 18 sold either at or well over asking price. In other words, 78% of homes that were priced aggressively sold in 4 days or less (OMDREB, 2022)..
 
By contrast, of the 22 houses that took between 31 and 68 days to sell in Waterdown over the past three months, all 22 sold under or well under asking price 
(OMDREB, 2022)..

Of course, helping your home sell quickly is about more than just list price. It’s about how buyers experience the home when they view it. This is what’s commonly referred to as how a property ‘shows’.
 
How can you be sure your home shows well? Here’s a checklist refresher to follow:

  • Uncluttered – where possible, ensure the tops of counters, desks, and bureaus are all clutter-free. A good rule of thumb is – clean every item off all counters, including the coffee maker.
  • Try to remove anything from the floor that is not attached to it or does not belong there (mostly everything).
  • Pack away all personal items like photos from walls and the tops of counters.
  • Ensure any carpeted floors are vacuumed, and tile floors swept.
  • Have a friend drop by to give you honest feedback about any odors that may linger in the home that you may not notice. This can be as much of a turn-off as laundry left on the floor or dog poop in the backyard.
  • On the other hand, if you use a Glade plug-in air freshener, keep it on very low. We have had clients exit properties shortly after entering as a result of too-strong air fresheners.
  • Remove any furniture that interrupts the flow as you walk through the home. This might include decorative hallway tables, extra benches, or even an entire sofa or dining room table. Remember, you’re moving anyway; there’s no harm in removing furniture if it makes your home feel more spacious to a buyer.

Maximizing the sale price for your home is the art of combining a highly-attractive property with a price just below market value. This is where your real estate professional can best guide you, and it pays to listen to their advice. They will be most familiar with what homes similar to yours have sold very recently, how long it took to sell the properties, and how the homes showed to prospective buyers.

Most important, ensure you hire a REALTOR® that has your best interests in mind. Our last property sale in Oakville (September 15, 2022) was just 8 days on market and sold for 93% of asking price. 
 
Get in touch with us today, you will be in very good hands. We can help you prepare your home for sale and ensure you don’t have to endure the selling process any longer than absolutely necessary.***

Reference: Oakville & Milton Real Estate Board (OMDREB) (2022).


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