Think you missed the boat by not selling in spring? Not to worry! Each season has its pros and cons for selling. Summer is great timing and has some big advantages for sellers.
- Weather
- Days are longer and brighter in summer and people are out and about. For those of us living in Raincouver, our moods are often much improved. More light provides more opportunities for showings and homes show better
- Curb appeal
- Summer is when most homes make the best first impressions. Sunshine and summer blooms provide added exterior appeal in photos and in person
- Timing
- Buyers and sellers often have more time to devote to real estate-related activities in summer compared to other times of the year. Vacation time, summer hours, and kids off school can free up time and relieve some of the day-to-day pressure
- Summer buyers often want to move quickly and be in their new home before September, especially families
- Demand
- While home sales in May were down 19.9% over May 2023 (down 19.6% from the 10-year seasonal average for May), but prices are up. The recent lowering of the benchmark interest rate by the Bank of Canada may influence demand
- This is the first rate cut since March 2020. While minor and only applying to variable-rate mortgages, it is a significant turning point. The BOC’s next interest rate announcement is expected July 24th
Cons:
- Increased inventory in the current market
- For Greater Vancouver, the total number of listings on the market showed a 46.3% increase compared to May 2023 (19.9% above the 10-year seasonal average). For those selling, it means more competition
- The upside of increased inventory is more balanced market conditions and more choice for buyers. These are positive changes for the market overall. If you’re in the market to sell your home and buy another, increased inventory provides more opportunities
- Browsers
- Since people have more time on their hands, you may have prospective buyers who are really “just looking” rather than being serious buyers. This can waste time in prepping for showings and open houses. To counteract this, pre-approval letters can be requested from buyers
- Vacation interruptions
- If you’re planning a big vacation, it could be interrupted by offers and negotiations. On the flip side, being out of town for an extended period provides your agent with lots of opportunities for showings and you don’t need to worry about being out of the house and cleaning/tidying
Tips for selling in summer:
Declutter. This applies to selling in any season. For summer, create a bright, airy atmosphere, changing out any accessories related to other seasons.
Staging is always a key component of a sale. Staging shows off the home’s key selling features and ensures any buyer can picture themselves in the home. In a market with higher inventory, it can be a key differentiator and may mean less time on the market.
Spruce up and show off your outdoor space. Patios are on everyone’s mind at this time of year and buyers will have a keen eye for any outdoor living space. Keep up with your lawn and landscaping maintenance. Cushions, plants and containers can add to curb appeal, even if you don’t have a large outdoor area.
Make sure your air conditioner is working. While we love the warm weather, it can be stifling. Air conditioners are a key selling feature in summer and can make showings more comfortable. If you don’t have one, purchasing one is a worthwhile investment in preparing your home for market.
Price it right. Work with your Realtor to determine the best listing price, one that works for you but is motivating to buyers so it does not sit on the market too long
Sellers should sell when the timing is right for them. If you’re thinking of selling but summer doesn’t seem to be the best time for you, use it to get your home ready for market instead. Declutter, do repairs, or make those updates happen that you’ve been thinking about.
As the market is constantly changing, a seasoned realtor can help make the selling process smoother for you. Contact me to develop the best sales strategy for you.