9 Reasons to buy or sell in July
Even though Toronto’s real estate market is still hot, it’s also seasonal. It peaks in spring and gradually falls through the rest of the year, with a slight bump up around October. Only the hardy will venture out in the depths of winter to pursue that ultimate goal of their dream home; and in summer, let’s face it, there are too few beautiful sunny days to spoil them on house hunting, right?
But, if you think about it, the height of summer just might be the perfect time to buy or sell. Why July? Here are 9 reasons to make the jump:
- Less competition: With fewer buyers looking in summer, those who are in the market have more bargaining power when it comes to putting in an offer (and less likelihood of losing a home due to multiple bids). Sellers who may not want to wait until the fall may have more incentive to accept.
- The school cycle: A huge consideration for parents is the disruption a move would have on the school year. Buying in July leaves room for a closing date that means a family can get settled before the new school year begins – without having to move before the old school year ended.
- Buzz of activity: Neighbourhoods are more active in summer, which gives you a better feel for the community. Are there lots of children playing? Do homeowners who are out working in their yards seem friendly and welcoming?
- All is revealed: At the height of summer, you can see everything a property has to offer. How is the landscaping? Do the neighbours have an unsightly pile of junk in their yard? Is the pool in good shape? Does the air conditioning work well? While certain elements would be checked in an inspection, it’s helpful to see how well a home shows in its full glory.
- Showing off: Homes naturally show better in summer. Sparkling pools, gardens and trees in full bloom, a welcoming entrance and backyard space all show a property’s full assets. And potential buyers can step out on the back porch or deck and envision what it’s like to live there.
- Less competition: It’s not just buyers who benefit from less competition, there is often less inventory on the market as well, which works to a seller’s advantage. More inventory can mean more competition, longer days on market and potentially less money for your home.
- Out and in: Buying and selling at the same time can be easier. If you need to sell your home in order to buy another, it can be more easily done in the summer. But remember, if you’re planning to both buy and sell, the process does take time so you need to be ready to act.
- Committed buyers: People who are looking to buy a home over the summer are more committed to finding their new residence. There may be fewer of these folks out there in general, but the ones who are looking are ready.
- More time: Many buyers may have less demanding schedules during the summer, or may be on vacation. That’s especially the case for relocation buyers... one of the best opportunities for a seller. They need to purchase and only have a short time to find their next home before schedules get hectic again in the fall.