Real Estate Talk:
Prep for summer sales

Summer is an excellent time to show property, especially in the years following the pandemic

By Joseph Marovitch

 July 24, 2024

Summer is an excellent time to show property, especially in the years following the pandemic. Since the pandemic, there has been a change in summer holiday habits with fewer people travelling out of the province and more visiting from the U.S. and abroad.

Preparation to sell during the summer is like the rest of the year, except for no snow, no boots, no heavy jackets, and buyers’ lighter disposition.

These new trends are from two and half years of being terrified of COVID and inflation due to worldwide instability and uncertainty. Canada is one of the safest countries in the world, politically and economically, with the most land, lakes, resources and a relatively low population. All these facts allow a larger audience of buyers during the summer than pre-pandemic. This being stated, it is more advantageous to purchase or sell during summer than in the past.

Preparation to sell during the summer is like the rest of the year, except for no snow, no boots, no heavy jackets, and buyers’ lighter disposition.

To sell during the summer does require effort and time, however, we do what we must:

• Keep the property tidy.
• Open all the spaces up to show more space and light.
• Remove, sell or throw away all items that are not necessary or have not been used in years.
• Keep the front and backyard clean and well-groomed.
• Cut the grass.
• Plant colourful flowers.
• Paint where needed: front railing, back railing, balcony, etc.
• Repair issues that are cosmetic, easily repairable and inexpensive.
• Leave major issues and structural work to the next owner.
  – No amount of renovation before selling will ensure a better price or will be to the taste of the buyer.
  – Major renovation should only be upon purchasing, not selling.

The better a property is presented, the higher the sale price and the quicker the sale.

Here are the pros and cons of selling in summer:

Pros

The property shows better with greenery, warmth and sunshine. Buyers are in a much better frame of mind if they do not have to wear heavy jackets and big wet boots. Buyers do not have to warm up before viewing the property. When a buyer walks in the sunshine on a warm day to visit a property and sees fresh flowers in front and people on the porch drinking cool and refreshing lemonade, the process of becoming attached to the house starts immediately.

‘The better a property is presented, the higher the sale price and the quicker the sale.’

Cons

There is a motivated audience of buyers for a short period of time. July 21 to August 3 is the construction holiday when almost everyone, but especially notaries, contractors, lawyers, surveyors and more, take a break and are not accessible. In August and during the construction holiday there is a smaller audience of buyers. Those who are searching in those times are highly motivated. Of course, September is a kick-start month for real estate, however, preparation will be different with hot chocolate, lots of throw blankets, baked bread, cookies and coffee.

Should you have questions or comments, please refer to the comments section at the bottom of the page. As well, to view past articles, click here.

Next article: Prep to sell during the fall

State of the market

The news today is positive. The Bank of Canada has reduced the interest rate by another 25 basis points to 4.5% from 4.75%. There is now a build-up of inventory, and the rate cut should increase the number of buyers. Rate cuts increase property values as demand increases.

‘… now is a very good time to purchase with low rates and sell with increased value and demand.’

Caution should be taken even with the new rate cut. Global events are still shaky, and inflation and rates can still increase in the near future. However, now is a very good time to purchase with low rates and sell with increased value and demand.

Have a great week.

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Feature image: Andrew Burlone

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