North York Real Estate Blog

Summer Market

Michael Pasternack - Friday, July 22, 2011

As most people are aware, the summer season generally brings with it a slow down of the North York real estate market. When we speak of “slow down”, we don’t mean a decline in prices or a general downturn in the market. What we are referring to is a decline in inventory due to typical summer activities. Vacations, weekends at the cottage and a more active lifestyle leaves little time for both potential home sellers to list their property and potential home buyers to spend the time looking for their new dream home. Inevitably, every summer we receive the same questions: Should we wait until fall to list? Should we wait until fall to buy?

Lets look at the question from both the buyer’s side and the seller’s side. It’s well-known that summer inventory is typically lower than both spring and fall. For the reasons outlined above, if I don’t really need to sell (or buy) in the summer, why spend my time during the hot hazy days of summer going through the listing or buying process? I can wait for fall to roll around when the kids are back in school and the weather begins to turn. While that may be true, summer sellers and buyers are known for one thing – they are in it to sell or buy. What we mean by that is as follows: There is a small (or maybe not so small!) percentage of sellers and buyers who are in the market to “test the waters”. For a seller, that means not really looking to sell unless he or she receives an extraordinary “out of this world” offer on their home. For a buyer, it’s going from house to house (or condo to condo) looking for that “spectacular deal” - the buyer may not really need (or want) to move, but will do so if he or she feels that they’ve found “a steal” The “testing of the waters” doesn’t happen as much in the summer. Not many sellers want to waste precious time during our short summers engaging in a listing process when they really aren’t interested in selling at a reasonable price, and not many buyers want to spend the sunny days driving from property to property. As a result, sellers who list in the summer, and buyers who are home hunting in the summer, are generally seriously in the market. Sellers are more likely to accept a reasonable price, and buyers are more likely to act reasonably and not simply waste a sellers time by viewing the property. As an added benefit for buyers, less competition means a higher probability that your reasonable offer will be accepted by the seller!

In a nutshell, if you are motivated to sell or buy in North York, the summer months may be the perfect time for you!

As always, if you’re looking for results or general advice, we are always happy to speak with you. Call Lisa at 416-543-9408 or Michael at 416-786-6160, your North York real estate agents.

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