The summer can be a really busy time. Kids are out of school, at summer camps, or in summer school. Work may be slowing down or ramping up with the warm Vancouver weather. While the seasons shift, you might be interested in a shift in your housing. The Real Estate Board of Greater Vancouver predicts a positive outlook through the summer and that is great news for sellers. Over the past four years, summer sales are recorded higher than the rest of the year. Specifically for townhouses, sales are up 17%, detached homes are up 18%, and attached homes are up 22%. Notably, sale price to list price ratios are also higher in the summer months, making it the opportune time to list your home. In addition to the hard numbers, Summer is an ideal time to list your home for three additional key reasons.
School’s out for summer
There is less focus on making sure the kids do well in classes, and more free time generally available in the summer. This makes it an ideal time for families to move to ensure they make the right decisions with minimal distractions.
Sun’s out!
This can have a direct impact on your home’s sale. Sunny weather in the summer months is one thing you can count on for Vancouver weather. The sun can help with real estate transactions as natural light is a key selling feature for homes, and purchasers and sellers can be in a better mood with more vitamin D in their systems. Not to mention, it is always nicer to move when it isn’t raining!
Supply vs demand
The summer is a perceived time when the real estate market slows down. In reality, trends over the last four years indicate that the summer is an ideal time to list your home. When the perceived availability is low for homes listed, the market cries for more stock. Summer is a great time to list your home as the demand will be high, and returns are typically higher. You’ll often see homes selling for significantly above their asking prices because of low supply in the market.
Knowing when to list your home can be a critical decision to ensure that you receive the most value for your home. Don’t let the stigma of the ‘Summer Slowdown’ deter you - real estate transactions have been shown to pick up in the summer, making this the ideal time to list your home.
Looking for a home this summer? Our rennie advisors specialize in every neighbourhood across the Lower Mainland and can help you find the home best suited to your needs.
