Now that we’re past spring and well into summer, does that mean that you should wait until next year to explore the real estate market? Not necessarily. Although it's generally acknowledged that the spring months are the prime time for the real estate market, that doesn't mean it’s the only time you’re able to buy or sell a home. In this blog, we’ve highlighted some of the many perks and things to consider that come with a summer market.
Because summer is a bit later in the prime season, there will likely be more competition for your desired home, or homes in your desired area. This is why you want to make sure you’re pre-approved for a mortgage and have the ability to outbid competitors, as it gives you a step-up on anyone who hasn’t. Make sure that you’re able to commit to longer periods of time away from work, as the searching and homebuying process is a time-consuming one with strict deadlines.
Because there is more demand than supply, prices may be higher. Although this may cost you more as a buyer, it also may allow you to raise the price of your current home and recoup some of the losses. On the other hand, sellers may become more motivated to close. If you're looking for a slight bargain, sellers who need to act quickly may be more willing to negotiate on a better price in the summer months.
The main concerns with moving out of season surround missing out on seasonal benefits. Fall and winter provide a weak market, the hassle of moving during inclement weather and the potential inability to enjoy outdoor spaces. This isn’t really a concern regarding summer, as we’re still many months away from the return of ice and snow. Moving during the summer will allow you to experience your new home and explore the surrounding area, as the season can provide some of the best showcasing periods for properties and neighbourhoods with strong outdoor features.
If you’re considering buying or selling this summer, it’s important to be aware that prices may be higher and competition fiercer. But there are still plenty of benefits that come with a summer market. With a little extra planning and preparation, you’re able to find your dream home in the summer months. Royal LePage Kelowna can help you navigate the market with our vast experience in and around the area, so don’t hesitate to contact us.