Summer real estate sales hold special issues and advantages for residential property sellers according to real estate litigation lawyer, Arsen Krekovic at Hoogbruin & Co in Vancouver. “There are lots of variables to consider and some of these add stress and urgency to transactions. This might result in hurried decisions, overlooked details or missteps that would then make a consultation with a litigation lawyer with local knowledge of the real estate market advisable.” This month’s posts offer a general checklist for sellers and points of caution that might lead to going to the courts for resolution.
First, a look at the context for buyers in the summertime residential real estate market
Buyers of real estate, whether families, individuals and investors have these points in mind:
- School schedules: Summer is a popular time for families to make a move since kids are out of school. Possession dates are timed to not be too close to the start of the new school year, to disrupt the children’s schedules and impact their education least.
- Vacation plans: Summer vacations, can make it difficult to schedule home showings and other real estate-related activities.
- Weather-related issues: Climate, always a factor to consider, now features greatly. Summer weather can be unpredictable with hurricanes, wildfires, or tornadoes. These weather events can damage homes and disrupt real estate transactions.
- Increased competition: With the popularity of this season for buying and selling homes, the competition can be more intense. This can lead to bidding wars for desirable properties, which can drive up prices and make it harder for families to find affordable homes.
- Timing of the moving process: After all is said and sold and done, summer tends to be the busiest season for moving companies, which can lead to scheduling issues and increased costs for families who are looking to move.
Real estate market conditions that advantage sellers or property in Vancouver in 2023
- Increased buyer activity: As mentioned above, there’s an uptick in buyer activity as families take advantage of the school break to search for a new home. This can potentially result in a larger pool of potential buyers for your property.
- Favourable weather and curb appeal: No doubt, despite weather concerns the general expectation is for a season that allows you to showcase your home’s exterior and outdoor spaces in the best light. Landscaping and gardens tend to be at their most vibrant, which can enhance the curb appeal of your property.
- Longer daylight hours: Potential buyers have more time to view your property properly, leisurely with longer daylight hours. This means during the week and on weekends which can lead to increased opportunities for showings and potentially quicker sale times.
- Showcase outdoor features: Desirable outdoor features of your property like a patio, deck, or pool and other amenities have a good chance of being highlighted in the summer market. The opportunity is especially positive to attract buyers who prioritize outdoor living spaces to your home during this time.
All these positive factors also lead to some cautions and potential challenges in the summer real estate market. Arsen Krekovic, real estate litigation specialist with Hoogbruin & Co in Vancouver, has noted three specific areas that may give rise to the need for resolution with the help of a lawyer.
Increased competition can heat up transactions and potential summer sales in terms of pricing and attracting buyers. As a seller you are under pressure to price your home and ensure it stands out among other listings, competition may eat away at your previously calm calculation.
Those coveted vacation weeks may see your potential buyers flock to out-of-town destinations and escape from routines! You can certainly strategize with your real estate property team to minimize negative effects, but the reduced activity may lead you to accept conditions you might not otherwise.
Vancouver’s renowned growth market in real estate has also been affected by recent market fluctuations. Volatility in the real estate market is present at any time of year in the current economy. Staying informed helps keep the situation stable for a seller but it may also include the counsel of an experience real estate lawyer and litigator.
To maximize the advantages of selling in the summer market, work closely with a reputable real estate agent who understands the local market dynamics. They can help you develop a tailored marketing plan, set an appropriate price, and showcase your home’s summer appeal to attract potential buyers effectively.
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