Summer has arrived and people tend to believe the market shuts down until after Labour Day… The truth is Summer is a GREAT time to buy! And here are a few reasons why:
LESS DEMAND = LESS COMPETITION
As the weather improves people start to set their sights on taking vacation, especially after the winter we’ve had! July and August are the two months when people take the most vacation time, whether it’s up to the cottage or overseas to travel, better weather means more people are away and distracted with family, friends, travel and relaxation. Kids are also off school so that means parents have their hands full getting them ready for camp, heading up to the cottage, coping with kids being home for the summer… their main focus is on family time. Not only are buyers away or otherwise distracted, so are their agents! Some agents tend to take time off during these quieter months so they, too, may not be around to actively look on their clients’ behalf. (But, this isn’t true for all agents; I’m in the city and always on top of the market for my clients! 😉 )
If there are less buyers actively looking for houses or condos to buy this could mean less competition for you! They’re distracted and have other priorities meaning less of a chance you’ll compete for a property and less of a chance it will have multiple offers or bidding wars. It also means you may have a better chance to negotiate, not be rushed to do your due-diligence and get a fair price!
TAKE ADVANTAGE OF OPPORTUNITIES
Not only will you have less competition, you may be able to take advantage of properties that have been on the market for a while. The average days on market in Toronto has been well under one month but not in all cases. Some properties are priced too high or are unique and may not appeal to the wider market meaning they may not have sold and may have been sitting on the market allowing you the chance to negotiate. Being a good agent means I seek out opportunities and see potential buyers may not see otherwise. There could be diamonds in the ruff; all you have to do is look and have an open mind!
MOVE IN BEFORE THE WINTER
House or condo shopping in the summer is a happy experience as the sun is shining, the flowers have bloomed, the grass is green and everything looks its best. Properties always show well under these conditions. Knowing once your offer is accepted on a property you might close or move 2 or 3 months later means if you purchase in the summer you will be able to move before the cold and snowy winter months and you may even get to enjoy your new home while the nice weather lasts! This means you may be able to enjoy your new deck or terrace or host your first back yard BBQ! It also means no slush and snow or freezing cold for your movers to deal with and you’ll be in your new home for the holidays!
Summer is a great time to buy so don’t give up on your search or wait to look just because the Spring has passed…There are benefits to buying in the summer and opportunities to take advantage of so contact me to start the buying process today!