As the temperatures have risen and the days have gotten longer, the summer season presents a uniquely rewarding opportunity for both buyers and sellers in the real estate market. Contrary to popular belief, the summer season is not too late to capitalize on the real estate market and get the most out of your purchase and/or sale. In this blog post, we will explore why the summertime is favorable for real estate, provide tips for both buyers and sellers, and highlight the benefits of taking action. Discover how you can seize the summer and make your real estate dreams a reality.
The Advantages of Summer Real Estate
You may have heard before that spring is generally the most popular time to buy or sell. While this may be true, the summer brings its own set of advantages to the table.
Summer listings typically attract incredibly motivated buyers who are eager to settle into their new place before the start of the school year, or those who want to take full advantage of time off and ideal weather conditions. Properties also tend to look their best during the summer — with lush green lawns, blooming gardens and vibrant exteriors making strong outdoor spaces look even more visually appealing.
Why take action now, and not next spring?
You may be asking yourself, “why not wait for next spring when supply and demand are both at their highest?”
- Interest Rates – Taking action in the summer sometimes allows you to take advantage of lower interest rates on your mortgage.
- Smooth Transition – The summertime is generally the least disruptive time of year to move because of the school calendar and potential inclement weather conditions.
- Showcasing Period – There will almost never be a better time to show a property or view surrounding neighbourhoods, parks, trails and more.
- Higher Prices + Increased Urgency – Sellers can usually sell their homes at a higher price point, but there’s also more urgency to do so. Buyers can take advantage of this urgency, but they may have to pay a higher price for their home.
- Faster Closing Periods – With more professionals in the real estate industry operating at full capacity during the summer, the overall process can proceed more efficiently.
Work with the experts.
As always, it’s incredibly important to work with knowledgeable professionals every step of the way. Get pre-approved for a mortgage as early as possible in order to develop a realistic and strategic budget. Ensure you work with an experienced REALTOR® to find a home that not only meets your needs and preferences, but exceeds them.
If you have any further questions about the process, or you’re eager to begin your summer search today, don’t hesitate to contact us with any questions you may have.