Update Of The Market

by Darrin DeRoches August 26 - September 1, 2010

Things are usually pretty slow in real estate during the summer months, but the phones are still ringing.  It seems student homes are starting to pick up and other listings are quietly starting to move again.  The market starts to move in mid–September, so people may be looking now to avoid the competition that is just around the corner.  The beginning of summer student income houses were flying and it slowed down for two months, but last week the inquires were up and people are looking to buy a home just three weeks before school starts.  In the last month all the inquires were about commercial properties. Single family homes were quiet, but come September they will heat up again.     The market tends to have these upswings and slow periods year in and year out.  Understanding the swings will help sell your home. I have sold homes right before Christmas when things are the slowest, and understanding that the seller would love to have it sold before the family came over made the negotiations fast and furious.  If you are thinking about selling your family home you really should be ready by the second week of September.  The market will heat up and there will be more competition, but there will also be more buyers.  Buyers are taking their time right now and that will all change in three weeks.     Fixer uppers and unique homes should also consider entering the market in late September, since people who are looking to fix up a home usually look for a winter project that will keep them busy inside during the cold months and have it ready to resell in January.  A unique home may take longer to sell, so you would like to have the next 90 days to try and sell, since it’s usually the busiest time.  Everyone will be done their holidays and the kids will be back in school – the next step is to sell or buy a home.     So take this opportunity to do those last minute fix ups, and don’t forget to take lots of outdoor pictures.  Everything is grown in and looks its best right now.  The leaves will be changing sooner than you think.  If you have all the pictures to display in your virtual tour, it will present your home in its best light, even in the dead of winter.  The market is slowly starting to move again and will be in full swing before you know it.  If you are even considering a move in the future, take your time now to get ready: it will pay off in the future. V Darrin DeRoches is a local real estate and mortgage broker. He can be reached to answer questions, comments or stories about real estate experiences through this weekly column at mail@uniquerealty.ca.