Summer can be a great time to be a buyer in the resale market. There are a few months a year where the market cools down long enough to actually create the right conditions for a deal to be had. The first is obvious to most people: December and January when everyone is distracted by the Holiday season and then the winter hibernation sets in. But I find many buyers are surprised when I tell them that often great deals are had in July and August too.
The reasons are quite simple:
- Summer Vacation. Many buyers and their Realtors are not working in the summer and buying property gets pushed to the sidelines. Fewer buyers = less competition.
- Leftovers. Many of the listings on the market in July are those listings that are ‘left over’ from the spring market of April, May, and June. The longer a property is on the market, the more likely the seller will come down from their list price (generally speaking).
Last summer was a GREAT buyers market. Right after the HST rush was over, July produced some memorable sales across the city that I still scratch my head at when doing market research for my clients and comparing current listings with past sales. Many people thought the sky was falling last year and many buyers who stuck around after June 30th got some amazing deals by today’s pricing standards.
While your friends are out sipping cold beers on a patio somewhere downtown, keep focused and make sure you have a vigilant Realtor working for you and you just may nab yourself a nice find this summer! Ã‚Â You’ll be glad you did when the fall comes and all your beer drinking friends are fighting for condos in bidding wars once again.
Thinking of buying a condo this summer? Let’s talk.