I love summer!
Flip flops, Slurpee's (or insert beverage of choice here) and hanging out with friends. Does it get any better than that? Ten weekends to soak up a years worth of sunshine.
North of the 49th we cherish our summer because we get so little of it and it is why almost every weekend of the summer is carefully scheduled. Places to go and people to see. Memories to be created and shared on Facebook or, if you are in elementary school, kept for your "What I did on my summer holidays" report due the first week of September.
In the world of real estate, things usually slow down somewhat each summer as people are vacationing and not really thinking about what is going on in the market. And believe me, the last two weeks before Labour Day weekend can be slower than the Canucks setting up for a shot on the power play.
It wasn't long ago I proclaimed we were in a balanced market. As they say...
I believe it has tipped slightly in favour of the buyer. Interest rates are still great, there is a lot of product on the market and we are seeing price reductions sooner than what we've had in the recent past. This is all great news for buyers. As the summer heat rises, and the days-on-market continues to rise, sellers might be more willing to accept a lower offer. If it is a house you love, you can afford and you can see yourself living there - make an offer!
On the selling side, three things determine if your home will sell. Price, condition and location. Give me a call (604-New-Home) and I will provide you a market analysis on what is happening in the market and what homes similar to yours are getting on the market. Pricing your home is key. Overpriced and it will sit. Some are actually under pricing their homes in the hopes of attracting multiple offers. The danger however is with so many units on the market a buyer can avoid a bidding war and take the house down the street. The condition of the home is what separates the "A"s and the "B"s. Two homes can appear identical from the outside, be similar in square footage and be priced about the same but one may have granite countertops, stainless steel appliances and perhaps has been professionally staged while the other needs paint, the carpet has stains and it smells funny. Don't laugh! I recently toured a home on the market which stunk like wet-dog. Do you think anyone would remember anything about that home besides the wet-dog smell? I don't think so.
This reminds me, I know at least a half dozen couple having babies this year. Some women will make the decision to have a body cast created so they can relive what it is like to be carrying around their love child. It can be a beautiful keepsake. Just don't leave it on display in your baby room when trying to sell your house. Not all cultures are as, shall we say, OPEN to the display of the beauty of a nude pregnant woman. I've seen it and have also seen and heard the reaction buyers have when they've seen it too!
I am often asked "Is this a good time to buy/sell?"
The answer is yes. But let's sit down and talk about your needs. Do you need to be moved in before school starts in September? What's your time-line?
I also hear... "I don't want to sell because I think I've missed the top of the market" or "I don't want to buy now because I think the prices will drop a lot further"
The reality is, there is only one top and one bottom of any market and prices are constantly rising or falling at all points in between. I often compare it to buying a computer. When is the right time to buy a computer? The minute you do, it is out of date. There is always going to be a bigger and better one on the market and it might even be priced better than the one you purchased. If you wait for the best computer at the best price you will always be waiting. You can buy one that meets your current needs and budget right now IF you need one right now.
Your home is your investment, and I'll treat it as if it were my own. If you are thinking of buying or selling property, or know someone who is then give me a call and let's talk.