While summer is typically a slower season for real estate in Fort McMurray, recent trends have shown a consistent demand for homes during these months. In both 2022 and 2023, the market saw an average of 102 units sold each month during June, July, and August. This indicates that buyers are indeed out there, ready to make a move. As a seller, understanding the market dynamics and buyer preferences can help you achieve a successful sale. Here’s what you need to know.
Understanding Buyer Preferences
Buyers in the current Fort McMurray market generally fall into two categories:
Move-In Ready Enthusiasts: These buyers are searching for homes that are in pristine condition, requiring little to no additional work. They desire properties that are well-maintained, updated, and stylish (this last point seems to be huge!). If your home falls into this category, chat with your agent about how to ensure your home stands out as a picture-perfect, move-in ready option.
Deal Seekers: This group is on the lookout for homes that may need some work but are priced competitively. They see potential in fixer-uppers and are willing to invest time and money into renovations. If your property needs a bit of TLC, make sure it’s priced right to attract these buyers.
Market Conditions: A Favourable Climate for Sellers
This summer presents a unique opportunity for sellers in Fort McMurray. Here’s why:
Interest Rates Have Lowered: For the first time in four years, interest rates have decreased, making it more attractive for buyers to secure financing. This is stimulating buyer confidence!
Relocations: Fort McMurray has always been transient. With an influx of people moving to Alberta, our local population is also anticipated to increase.
Homes Look Their Best in Summer: The vibrant summer months make properties appear more appealing. Lush green lawns, blooming gardens, and sunny skies create a positive first impression, making it the ideal time to showcase your home’s exterior and landscaping.
Conclusion
Selling your home in Fort McMurray’s typically slower summer market can be highly successful with the right approach. By understanding what buyers are looking for and leveraging the favourable conditions this summer, you can make your property stand out. Remember, price and presentation are the cornerstones of a successful sale. Whether you’re offering a move-in ready gem or a fixer-upper with potential, there’s a buyer out there waiting to make your home their own. Embrace the summer market, and take the necessary steps to ensure a smooth and rewarding selling experience.
Written by Kate Arnold