Every year, the same general trends seem to happen. Not exactly the same, but pretty close. There is of course the “spring market” when a lot of people get into the market either as buyers or sellers or both. Then there is just after labour day weekend when a lot of people push to move prior to the Christmas holidays. Then around mid January the preparation starts as movers get ready for the next spring market.
We have written about this subject before but we wanted to mention it now as we approach mid July and the slow down of August inevitably sets in. When selling something, greater supply equals less demand which generally equals lower prices. In our market, lower prices probably isn’t the realistic end result though. ‘Less opportunities to sell’ is probably the more appropriate way of looking at it.
So as we settle into the dog days of summer, less homes come on the market. The result of that is potentially higher demand as buyers have less options to choose from. Some may say that less homes on the market means less people are moving which then would logically result in less buyers actively looking. Perhaps. But what if the buyer for your home is from another area, as we are seeing more and more in Niagara. Or what if the buyer for your home is a first time buyer where the sale of their existing home isn’t a factor?
Timing the real estate season can be a big help when selling your home. It just depends on your home, who the likely buyer is and what competition there is.
If you are considering a move and would like some guidance on this, please feel free to contact us at your convenience. We look forward to hearing from you!