Summer is around the corner, which means backyard soirees, patio season, and long afternoons of hiking and cycling are here to stay. It’s hard to imagine not loving this time of year.
All the same, someone looking to buy or sell a house might have mixed feelings. The weather may be hot, but the market is not, at least not traditionally.
Fortunately, understanding the ebbs, flows, and nuances of Toronto real estate can actually put you at an advantage this summer. Today, we’ll take a quick break from fun in the sun and dive into the secrets of buying or selling a home in the off-season.
The Realities of Real Estate in Summer
If you’re selling a house, you might be wondering where all the buyers are. If you’re buying, you may notice fewer listings available (unless you’re looking at a condo in the current market, in which case you have a verifiable abundance of options). The reality is that many buyers and sellers alike put their plans on hold once the warm weather arrives.
Partly, it’s because they want to enjoy this too-short season and worry about what comes next at a later date. That’s the bad news if you have an upcoming move that you can’t put off.
A slower, less active market can also be good news. Think of it this way:
- If you’re a seller, other homeowners are soaking up the sunshine and not getting ready for the market.
- If you want to buy, other buyers are spending time at the beach and not house hunting.
Whether or not it’s advantageous to buy or sell now is all a matter of perspective – and strategy!
Should you move to Toronto, and if so, what neighbourhood is right for you? The posts below will help you find your community:
- Toronto Versus Everywhere Else: Why We Love It Most
- West End Vs East End: Which One Wins in Toronto?
- Top Dog-Friendly Neighbourhoods in the West End
Partner With a Full-Time Real Estate Agent
Housing sales may pick up and slow down with the season. Typically, the most transactions occur in the spring and fall, just before or after the heat of summer and well away from winter’s chill.
Whenever the time is right for you, a local, full-time real estate agent is your best chance at a successful transaction. Look for a professional who is constantly immersed in the market, whether it’s on fire or has slowed to a crawl.
Working full-time exclusively in real estate gives us in-depth insight and a unique ability to uncover every possible advantage no matter what the situation.
- It could be knowing which niche neighbourhoods are bucking overall trends.
- Or it may mean maximizing negotiating power even when there is less inventory and fewer buyers.
- More often than not, it means having an extensive network of other agents, brokerages, clients, and other professionals, so we always have an idea of what houses might be coming up for sale and who is most likely to be interested.
If you’re buying or selling in an off-market, one of your first steps is to connect with a real estate agent who is trained to handle any situation.
The right expert by your side makes everything more straightforward. How can you choose? The posts below will give you some insight:
- How To Find the Right Real Estate Agent
- For Sale By Owner: Should You Sell Your Home Without an Agent?
Tips for a Successful Summer Home Sale
The benefits of selling a house in the summer don’t end with less competition. Think about who is buying a house right now. If they’re in the market, they are moving for a reason, and they’re usually motivated by a fast transaction.
Perhaps they want to settle before the school year, which doesn’t give them much time. They may also have a personal reason or family situation they’re looking to resolve.
These buyers don’t have the external pressure of bidding wars; they’re driven by internal motivations. Your mission is to prepare your home to make it as appealing as possible.
As always, start with a top-to-bottom clean up. The last thing you want is for a buyer to see a stack of winter clothes you haven’t gotten around to putting away yet! Ideally, you want only what’s absolutely necessary in any room, preferably just items that exude a fun, summertime vibe.
When selling in the summer, pay particular attention to outdoor spaces. Consider a colourful garden out front and comfortable patio furniture out back. In addition, be sure that all garden tools and debris are neatly stored away.
Do you need to “summer-proof” your home selling strategy? Start by downloading our free guide, Top 10 Mistakes Sellers Make – And How to Avoid Them.
A Note on Condo Selling in the Summer
Condo owners can also get creative when it comes to highlighting outdoor space. Even if you only have a small balcony, adding some planters and a table and chairs can make it feel very inviting. This could be the perfect spot for a summer afternoon card game over iced coffee or to take in a glorious sunset, depending on the view.
Every small way you can showcase the joy of summer makes your unit more appealing. Inside, replace any dark curtains with translucent sheers that reduce glare while allowing a flood of natural light.
By using every tool and resource, you can make the most of your purchase this summer. Don’t miss our free guide, Top 10 Mistakes Buyers Make—And How to Avoid Them.
What to Know When Buying a House in Summer
Buying a house during the warmer months can be advantageous or disadvantageous depending on the situation and what resources you have on your side. On the one hand, you’re likely up against fewer buyers, which means less competition and often, more negotiating power.
On the other hand, there are likely fewer houses to choose from. Finding the right fit will require a delicate balance of knowing exactly what you are looking for, standing firm on essential attributes, while being flexible about other features.
Above all, you want to do whatever it takes to ensure you do not place an offer for emotional reasons. Each seller will have their home carefully staged to showcase its summer beauty. This can be beneficial or detrimental to your goals.
You want to be able to imagine what life will look like to know if a house is right for you. However, it’s critical to look beyond bright interiors and beautiful decor and really assess the quality and structure of the property.
A local real estate agent can help you stay objective as you visit potential properties. Whether it’s connecting you with a trusted inspector or helping you craft offers that protect your interests, we will work behind the scenes to find a home you love, not just in the summer, but in every season.
Is a move coming up in the next few months? We are here to guide you from start to finish. Reach out to us at erica@ericareddy.com or call 416.443.0300 with any questions.
Meet The Erica Reddy Team
Find out how our specialized skill sets and extensive Toronto market expertise empower your real estate venture.
