3 Reasons to Sell in the Summer
June 30, 2016
Summer is officially here – and, as usual for this time of year, I am already feeling activity levels in the housing market slow down… just a bit!
The Toronto Real Estate market certainly won’t come to a crashing halt as people travel to cottage country and beyond this summer. In fact, I wouldn’t be surprised if the number of properties changing hands in July and August breaks new records as they did last summer.
There are still some astronomical sales happening, but I’m also noticing fewer sales being recorded and there doesn’t seem to be the same level of frenzy as during the peak season. I know that there are still buyers out there because there is still plenty of activity with showings, in particular on my listing on Gerrard Street East.
The big issue is a lack of homes for sale. Due in part to low interest rates and high demand, the average price of a home in Toronto has been going up by double digits over the past year. Is it sustainable? It depends on who you ask. However, that price increase means that many people who want to make a move up simply can’t afford to do it.
People have other motivations for moving, whether it’s a major life event, a job transfer or any number of reasons. Spring and fall may be the two most common seasons people list a home for sale, but I think that you shouldn’t rule out summer if you’re considering making a move!
Three reasons you should consider selling in the summer:
1. In the summer there are far fewer listings, which in a market like Toronto’s makes decent listings scarce. The lack of listings only creates more demand. Even if just three people were bidding on a home for sale, two of them are still looking.
2. Whether you’re in a house or a condo, the property will never look better than it does in the summer. The grass is lush and green, the flowers are in bloom and fruit trees are producing. Curb appeal is important!
3. With fewer properties on the market, there’s a greater chance your home will sell for more than you could have ever expected, which makes it a perfect time to sell if you’re downsizing or moving out of the GTA.
One question I am asked a lot is – at what point in the home prep should I contact a real estate agent?
For most people, I would suggest the sooner the better. I know what buyers expect to see in your price range and I can tell you which repairs and improvements will really pay off, and which things you don’t have to worry about.
Some clients contact me and it’s obviously they’ve watched multiple episodes of design shows or perhaps even Love it or List it’s because their home is ready to go to market immediately. They’ve purged their home, thinned out their personal effects and they’re ready to list! It’s rare that it happens, but it does happen from time to time.
If you’re interested in taking advantage of the summer market, please get in touch. And if you think you’ll need some advice on getting your home ready for fall, summer can be the right time to get started when you have more time on your hands!