You want to sell your property, but don’t know when to take the plunge and put the odds on your side?
We are undoubtedly entering one of the most strategic seasons. Summer has many advantages for selling your house or condo and here are 5 reasons why you should sell your property this summer:
1) Your home is looking its best
During the summer period, your property gives off its best: the sun highlights your façade, your garden is beautifully flowered, the trees are leafy. It seems obvious, but the people who visit your home will be much more likely to fall in love and will be better able to project themselves into your property if it is in its best light.
This argument is more valid for a house, which when accompanied by a courtyard or a garden will appeal much better to potential buyers during summer, but this also applies to an apartment or condo. Which takes advantage of the abundance of summer light.
2) Many serious and motivated buyers
The most serious purchase plans are undoubtedly made during summer. This is the period when buyers have true buying intentions since they want to take advantage of their summer holidays to finalize their real estate project before returning to work, but especially before the start of the school year for families with children.
Purchase intentions will therefore have a much better chance of succeeding during this period.
3) Peak of transactions
It can be noted that in recent years there has been a considerable increase in sales during summer. In 2019, property sales have indeed benefited from an increase of around 13 to 17% compared to 2018, so we can expect continuity for this summer, despite the pandemic we are facing. Currently, which has slowed the Quebec real estate market. The signals are still green and buying intentions are still just as strong.
Selling your property in summer is therefore selling it at an opportune time during which from year to year the number of sales continues to increase.
4) Summer is a seller’s market
As many people sell in spring or wait until autumn to sell their property, summer is the time of year when the market turns out to be even more of a so-called “seller’s” market: that is, say that the market has more buyers than sellers, so as a seller it is clearly in your favour. Summer is therefore the ideal season for your property to stand out from the others and find a buyer.
5) Favourable interest rates
Since the start of the pandemic, the Bank of Canada has lowered its key rate three times to bring it down from 1.75% to 0.25%. This had the effect of lowering interest rates. Indeed, interest rates are historically low (5-year fixed-rate loan at 2.45% or variable-rate loan at 2.25%), which promotes home ownership and will help you find more easily qualified buyers.
Although an increase in the Bank of Canada’s key rate is not expected before the end of 2021, other factors have a direct influence on interest rates. It is therefore difficult to anticipate the evolution of the latter… If one thing is certain, it is that it is advantageous to borrow now. If you put your property up for sale today, you have the possibility of finding buyers more easily with the necessary financing.
Summertime can be the most strategic time to sell your house or condo. Between the enhancement of it on sunny days, serious buyers, a market that is clearly in your favour and historically low interest rates, all the signals are green.
As figures from recent years show, this is an opportunistic time to sell your property.
Do you need help selling your house or condo quickly this season? Call me at 514 975-1133 and let’s look together at how to optimize your sale!
