There’s a shift in mindset that happens in the city every summer, and you can think about it in different ways. Gershwin described the summer idealistically – check out a performance here, by Ella Fitzgerald. Mungo Jerry had another take on the subject here. The Lovin’ Spoonful saw it another way here. You might think I’m being a little goofy with all the summer music (and I could go on) but it’s also worth paying attention to how it relates to the summer real estate market.
As we’re fast approaching the dog days of July and August, you can expect things to heat up and slow down in North Toronto.
Looking back at the statistics over the past few years, the market has been busy into July, but significantly slower in August. It makes sense when you think about it. People do less when it’s hot. They schedule vacations and head out of the city. They barbeque and enjoy the weather – and they sell fewer houses.
I don’t expect things to be different this year; that’s why I’m advising my clients to take their homes off the market towards the end of July. When you’re looking for the best offer on your house, it’s better not to be on a market that isn’t really moving. At this point, if you’re thinking of selling, I’d advise you to take advantage of the Fall market and to list after Labour Day.
BUT WHAT DOES IT MEAN?
That doesn’t mean just waiting around, though. The summer is also a great time to get your house in shape for sale! You can get trades people in for the minor and major repairs, and look to your staging needs (but I’ll talk more about that in another post.)
Finally – if you’re a buyer, the summer could be a good time for you. The choice of homes will be smaller (as I’m not the only agent advising people to wait for the Fall) but for homeowners who need or choose to be on the market anyway, fewer buyers means fewer competitive bids. That means lower offers are more likely to be considered.