02 Aug Market Notes: Hot Weather + Long Weekend = No listings!
The hot summer weather is finally here and just in time for the long weekend! As is typical before a long weekend, new listings have been slow. Toronto empties out on long weekends and the few sellers who do wish to put their home on the market usually hold-off a week or two. Last year, late August was actually a great time to list your home. There was nothing on the market and many buyers were still hanging around, waiting for the their opportunity.
The scenario is different this year, as there is a lot more inventory, albeit some of it is in poor condition and/or overpriced. Although, because it is possible we see a slew of new listings this fall from sellers who have been holding off, it may be reasonable to list your home in late August for a reasonable price. We may find a few interested parties and get a little competition going. There are a couple factors here, but it could be a good play.
The flip side is that more buyers than sellers return to the market this fall, trying to beat the next interest rate hike. In the freehold market, I tend to believe this is less likely. In the condo market, I consider this scenario more likely. Why? Please feel free to contact me for more insight and strategy for buying or selling in the current market.
This all being said, a great hard loft at the Candy Factory in Queen West did come on the market this week! Contact me for details!
Nick, Aug 2/2017