Welcome to summer 2017. The market is typically quiet during the summer and this year is no different.
I remember summers when I was a kid. The whole family would head up to my grandparents’ place in the Laurentians as soon as school ended and we’d stay up there until Labour Day afternoon. Paper thin walls, only two and half bedrooms for seven people, one bathroom with no shower, no phone, no tv – it was the best.
One of my favourite activities was going fishing with my dad. We had a small fishing boat with a motor that was broken more often than not so we’d take turns rowing the boat to our favourite fishing spots. Some days the fish were biting and some days they were just nibbling. I remember catching some big fish (3 pound bass), some little fish (sunfish and perch) and I remember coming home empty handed, too.
Come to think of it, fishing back then was a lot like the real estate market is now. With a really juicy worm, we might catch a really hungry big fish, just like a nice house with good resale value might be snapped up for a high price by a highly motivated buyer who, for one reason or another, has to buy. Then there were the fish that would nose around and take a nibble or two here or there and eventually take the bait when they got hungry enough or when it was an especially nice worm. These are the buyers who look around and buy a home when the right home comes along at the right price. Finally, there were also fish that would look at the bait or take a little nibble, but never got hungry enough to take a bite. In this market, these fish would be the buyers who aren’t ready to buy yet.
Some homes are selling quickly for good prices, some are taking time to sell and some aren’t selling (yet). If life is like a box of chocolates, the real estate market this summer is like going fishing.