Here is a little summer cheer you may want to remember:
What are you going to buy?
Real Estate in Toronto!
When are you going to buy it?
My ‘buy now’ cheer isn’t as self serving as you may at first think. I’m saying to buy now loud enough for all to hear for your own good, dear wanna-be buyer. Truly, madly, deeply.
Although YOU may not be simple: what am I looking for? where do I want to live? is an investment property a good idea? The real estate math really is:
This: July with still many great properties for sale.
+ That: The slowest real estate season as certain as summer morning dew.
= The best time for buyers to get value, every time.
For whatever reason: hotter weather making us more languid; sitting at the dock of the bay; too many gin and tonics, there just aren’t as many buyers in the summer as there are in the spring.
Year after year, the summer real estate dip in sales volume and prices is as obvious as it is assured.
Those selling in the summer months are not as strategic as their spring/fall counterparts. They are motivated to make a move. Now. Even if it costs them. The fact that they are selling because they have to goes a long way to balancing out their power in a seller’s market.
But more, this year in particular, likely because the spring real estate season began so late, there is a relative abundance in housing inventory lingering on the market, as everyone else heads to the beach.
On top of it all, the market continues to appreciate and there is every indication that if you wait until next summer you'll have up to 10% less buying power than you do this year. That means that if your affordability cap is $500,000 you'll have to save up $50,000 to make up the wait difference. Good luck with that.
So, with all of this logic in mind, I ask you again. Come on. Pick up those pom poms and sing it with me this time:
What are you going to buy this summer? Real Estate in Toronto!
Who are you going to call? Susan the summer-property-sleuth who won't be at the cottage, to your rescue!
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