Okay, we get it. We TOTALLY get it. It’s almost the middle of summer and you want to talk about real estate like you need a hole in your head. Why would you think about the fall market and decluttering your home or engaging in endless bidding wars when you could be at the cottage reading in your hammock? Or sitting in your backyard? Or swimming at the neighbour’s pool? The truth is, the summer real estate market in Toronto usually slows to the pace of molasses traveling uphill. Not this year, though. This July has been much busier than anyone anticipated. While the number of listings has decreased from this time last year, the number of overall transactions has gone up. The Toronto Real Estate Board reported a 7.5% increase in activity this June over last June but a 3.8 % decrease in listings. This means that while all the sellers are at the cottage, buyers are still out there pounding pavement.
If you are planning on waiting out the summer and jumping into the real estate market in the fall, either as a buyer or seller, this hot summer market means that you will have to hit the ground running in September. Here are a few things you can do now (not too many, promise) to get you ready for the fall market:
- Interview real estate agents now so that they can start getting ready to put your house on the market in September
- Host a yard Sale. When it comes time to put your house on the market, you’ll probably need to declutter a lot. Most people do. If you start this process now you can capitalize on the summer yard sale market and make some new neighbour friends while you’re at it.
- Enjoy your house. This may be your last summer in this house before you move on to bigger and better things. Take some time and enjoy it.
- Interview real estate agents: This is a good time to start getting to know a real estate agent. As a buyer, you will develop a close personal relationship with your agent. You should find someone that you trust completely.
- Get pre-qualified for a mortgage: This is very important. In the Toronto market you will need to be able to make quick decisions and it will help if you already know exactly what you can afford.
- Start touring neighbourhoods. Go for brunch, check out the parks, meet some neighbours. Go explore the neighbourhoods that you may want to buy in and get a feel for the place.
Not too hard, right? Get in touch with us if you have any questions.