As summer rolls in with another warm breezy weekend (including a lashing night time thunder storm), by end of day Sunday my neighbourhood was filled with the sound of chatter, clinking glasses and the scent of steak grilling on the barbecue. Everyone is embracing their ‘summer rooms’, whether that be their patio, garden, deck or, should they be lacking outdoor space, the street, the park, or the cafe patio. The City feels alive and happy.
It’s weather like this that signals an end to the Spring market. A lot of home shoppers now have buyers’ fatigue. They’re spent from months of searching for the right property, only to compete in bidding wars to no avail. Now that summer is arriving – where even after the sun sets at 9:00 PM you remain comfortable in your T-shirt (this is a truly amazing aspect of The Great White North) – buyers are shifting their focus to relaxing and having fun.
As buyers take a break from the housing search, it will be interesting to see if this tips the supply/demand dynamic of the real estate market where, for the most part of several years, sellers have had the upper hand in dictating market values. Now sellers are feeling the pinch with a reduction in the number of viewings and, in many instances, a lack of offers. Price reductions are increasingly common, as are the number of listings coming off the market. We’re moving into a season where only the most motivated of sellers will list.
After all, they’re competing with the barbecue.