Summer Selling
We have entered the summer selling season (say that 5x fast!). The average month-over-month selling price typically declines from June to July and the volume of sales falls as many Buyers shift their focus from home buying to cottaging, camping, and patios. As we head into the summer months, determining the correct pricing and marketing strategy can become tricky and patience is important. Monitoring current inventory levels in your neighbourhood can play a significant impact on ensuring you achieve the best possible sale price for your property. For instance, inventory levels are up over 30% since the end of June in East York and surrounding areas north of the Danforth. So unless you have the top property in your price range here, your offer night could turn into flop.
The strategy of under pricing your property in the hopes of attracting multiple buyers to your offer night can be risky as the number of active Buyers decreases in the summer months. Not to mention that jaded buyers now realize these artificially priced properties are actually out of their league after losing out on many offer nights in the spring. If your area begins to see an increase in active comparable listings on the market, you might want to consider holding off until the fall when we typically see a large increase in active Buyers.
On the flip side, if your area is under supplied, you could have a Buyer hoping to wrap up their search before the weather turns and getting your home up for sale before the next school season could prove beneficial. Knowing who your expected Buyer is can be critical in determining whether your property will find a Buyer in the summer.
