The Summer Real Estate Market has officially arrived! Not that you’d know it by the weather. Or by what’s going on in the real estate market, which is unusually active  for this time of year. Although the real estate market in central Toronto hasn’t slowed down yet nearly as much as it has in past years, it’s probably only a matter of time before hot weather (fingers crossed!) and vacations slow the market down a bit. It’s not guaranteed to happen, but summer slowdowns are expected, just like hot, humid days in July. The dynamics of the Summer Market differ from those of the Spring Market, so here are a few tips to help increase your chances of success if you’re in the market this Summer:

1. It’s okay to list your home in the Summer because there are still motivated buyers around, but there aren’t as many as there were in the Spring because a lot of them already bought earlier in the year. You may get lucky and get a bidding war, but the chances of this happening in the Summer are less than they were in the Spring;

2. Keep looking for your dream home in the Summer because there are still homes to buy, but there isn’t as large a selection as there was in the Spring. Because there are fewer buyers in the Summer, most sellers don’t put their homes on the market in the Summer unless they absolutely have to;

3. If you’re a buyer, you might get a better deal in the Summer because many Sellers are very motivated to sell, but this isn’t a sure thing. There may be other buyers who are also looking for good homes that are in good locations and that are well priced so be prepared in case you find yourself in a multiple offer situation;

4. If you’re a motivated Seller, be careful not to set a list price that’s too high. Your list price needs to capture the interest of the buyers that ARE looking and give them an incentive to make you an offer;

5. The media will report that the real estate bubble is bursting because prices and sales numbers will be slightly lower in July and August than they were in the Spring. This happens every year. Don’t believe these reports;

6. Barring some unforeseen event, the market will pick up steam again in September when both buyers and sellers return from their vacations; and

6 and a half. It’ll be a lot more convenient to drive around and look at houses without having to deal with the snow or put on boots and coats like you have to do in the Winter.

Whether you’re in the market or not this Summer, enjoy the sunshine and warm weather! It never seems to last as long as I’d like (forever).