Summer Markets Suck for Sellers

After 32 summers of selling property in the Fraser Valley real estate market, I’ve learned a thing or two about the art of selling properties during the summer months. Many real estate enthusiasts believe summer to be the prime season for property selling, given the favorable weather, extended daylight, and often a more relaxed atmosphere. However, as an experienced realtor, I’m here to debunk this misconception and shed light on why summer isn’t always the golden ticket for property sales.

• The Market is Flooded: A typical summertime market has “For Sale” signs popping up as common as ice-cream trucks. The market becomes saturated with options, making it a buyers’ market. While this increased inventory might seem beneficial, it often leads to fierce competition. Unless your property has a distinctive edge or unique selling proposition, standing out from the crowd can be an uphill battle. This is NOT the case for Summer 2023, inventory is low, however volume of sales has been low too.

 

• Vacation Distractions: The summer season is synonymous with holidays, trips, and general relaxation. Potential buyers may be more interested in planning their vacation than investing time in house-hunting. This distraction can prolong the selling process or even worse, it can lower the number of potential buyers who are serious about making a purchase.

 

• Struggle with Scheduling: School’s out for summer, which means children are home and families are busier than ever with activities and vacations. This reality can make scheduling viewings challenging. If buyers can’t see your property at their convenience, they might just move onto the next one.

 

• The Heat Factor: Depending on your location and property type, summers can get hot. Very hot. While the sunny weather may initially seem like a benefit, high temperatures can be off-putting. Prospective buyers may be less inclined to attend open houses or viewings when the mercury rises, leading to fewer foot-traffic and potential offers.

 

• Overgrowth and Maintenance: Summer means growth, and while this can be a beautiful thing, it also means extra maintenance. Lawns, gardens, and greenery need extra attention during this season. If not maintained well, your property could appear untidy or poorly cared for, which could turn away potential buyers.

 

• Pricing Pitfalls: Many sellers make the mistake of overpricing their property in summer, assuming it’s the best season to sell. However, with a saturated market, buyers have options. They might be turned off by inflated prices and choose to wait out the seller or move onto a more reasonably priced property.

 

So, while summer may seem like an idyllic time to sell property, it’s not always the case. The reality of real estate is that it’s a complex and nuanced market, influenced by a myriad of factors. It’s crucial to understand these dynamics and strategize accordingly. 

 

Remember, every property, buyer, and situation is unique. Understanding the particular details of your circumstance and working with an experienced realtor can make all the difference in successful property sales, regardless of the season.

 

Fraser Valley Stats Package – July

Greater Vancouver Stats Package – July

STR (Sell Through Rate) Formula = Sales ÷ (Active Listings + Failed Listings + Sales)

Randy Dyck
Personal Real Estate Corporation
604-807-4366 or randy@eximus.com