It has often been said that spring is the best time to buy a house. New properties get listed, the market is flooded, everybody wants a deal and everybody wants to sell in time for the busy summer season. However, summer provides a greater opportunity with many people looking but most waiting until the fall to write deals in time for the ski/board season. So there is less competition and fewer bidding wars.
Summer is the best time to get a deal
Due to the market saturation of spring, sellers who haven’t managed to sell by summer often feel they have missed their chance. In many cases they are right as few new buyers come to market ready to purchase during summer knowing there are fewer property listings at this time and preferring to wait until just before the start of the winter season. This provides a great opening for buyers.
With sellers feeling they have missed their chance, they are more likely to negotiate on price with the buyer, providing an opportunity for a good deal. Fewer buyers in summer also means it is less likely that there will be a bidding war and the seller is more likely to settle.
Don’t worry about old listings
People get worried about properties that have been on the market for a long time, but do not worry, a two month old listing from spring may have been overpriced. When summer comes round and the price drops, you can be certain that you are getting a good house for the right price.
Prices are always high in spring with sellers hoping to capitalize on those people who want to be moved in and ready to enjoy their new property for the busy summer season in the resort. One reason a property may still be listed in summer is that the price was raised too much. By summer, as prices drop in general, the seller may lower the listing price to better accommodate the market.
Why is there less competition?
Property listings are heavily influenced by seasons and buyers. Most people will list their homes (and many buyers look for homes) in the fall with the hopes of having it sold before the ski/board season and the same is true for the spring when buyers are looking for properties in order to take full advantage of the upcoming summer season. Many people either buy in spring or stop looking until fall.
Summer is also when most people go on holiday, meaning there will be less people around to look at properties. This leads to sellers starting to panic, giving the buyer more negotiating power. In Whistler people flock to the village in summer, however, they will be holiday makers and won’t be looking to buy at this time.
Tips for buying a house in summer
In the summer you see more life in the area you are looking. People are usually off work so you can meet your neighbours and get a better feel for the area in general.
It is always important to ask questions, but in summer be especially aware of damp and ask the seller about this. The warm weather will often hide any evidence of damp, leaving an unwelcome surprise come fall.
If you have children, when school is out in the summer, you can bring them along and make them part of the buying process. This will be both good for you and them, and children often spot things that you don’t.
For more information on buying in summer you can contact us on (604) 932-5538, fill out our Contact Form, or come into our office and we’ll be happy to assist you.