Late Summer Opportunities for Smart Home Buyers

Looking for the right time to buy your next home? The late summer and early fall market offer unique opportunities for buyers to snag better deals, negotiate favourable terms, and shop for homes without feeling rushed. With the help of real estate data, let's explore why this period could be your chance to make a smart move.

Why Late Summer is Ideal for Deals

One of the biggest advantages of late summer is pricing. According to data trends, July consistently boasts the lowest price per square foot, at nearly 47% below the yearly average. And yes, we’ve missed those deals this year!

However, August represents the next best opportunity to score a deal in this year’s market. Additionally, as summer progresses, seller urgency often increases. Homes lingering on the market in late July and August are more likely to have motivated sellers, creating fertile ground for negotiation.

The blue bars in the chart highlight median price per square foot, while the green line shows days on market. Notice how prices dip deeply in July and August, aligning with this buyer-friendly trend.

Maximize Negotiation Opportunities

Late summer and early fall also provide more breathing room in real estate negotiations, thanks to slower-moving inventory. August, specifically, stood out as having some of the longest average days on market (DOM), with homes sitting weeks longer. Homes that take longer to sell can serve as leverage for buyers, especially if sellers are eager to finalize deals.

Key Insight:

Longer Days on Market: Use August’s slower market pace to negotiate lower prices or ask for additional concessions, like making repairs.

Pro Tip for Buyers:

When navigating this market, understand that right now sellers are achieving 97% of their list price. My message to buyers is don’t hesitate to make offers slightly below asking. With homes staying twice as long on the market, sellers may accept less than their ideal price.

Off-Peak Advantages in Early Fall

Though the market cools, early fall brings its own set of perks. September and October often see fewer buyers, reducing competition for desirable properties. October, in particular, offers surprising pricing potential, performing 1.7% above average price per square foot outside of the busy spring months. Unlike the frenzy of spring, the early fall market is slower-paced, allowing for more thoughtful and less stressful decision-making.

Key Insight:

Slower-Paced Market: The reduced buyer activity in early fall means greater selection and less pressure to make split-second decisions.

Actionable Advice for Buyers:

Prepare for Pre-Approval: To stand out among fewer buyers, start your financing process ahead of time. Gather required documents and shop for mortgage rates.
Time Your Offers Strategically: With homes lingering, sellers will likely entertain offers that fit your budget.
Work with Data-Driven Agents: Partner with a real estate agent skilled in reading market trends to position your offer competitively.

Seize the Moment

Whether you’re aiming to negotiate better conditions in August, or enjoying fewer competitors in early fall, this season provides excellent opportunities for thoughtful buyers. With current data showing trends in lower prices and longer selling times, you can make calculated decisions that align with your goals.

If you're ready to act, now's the time to explore your options and gain the upper hand in this favourable market period. Late summer and early fall could be your ticket to landing the perfect home at just the right price.

Enjoy the long weekend,

Paul

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LISTING OF THE WEEK

57 Cambridge Street, Guelph ON

$950,000

Detached 2 Storey
3 Bedrooms
2 Full Baths
1,867 Above Grade Sqft

Charming 1880 Century Home Blends Heritage with Modern Flair. This beautifully restored 1880 century home is a true architectural gem, combining timeless character with contemporary style. The open-concept main floor flows seamlessly through generous living and dining areas, centered around a striking curved wood-burning fireplace a showpiece and a cozy gathering spot all in one. A quaint, efficient kitchen while the main floor primary bedroom with its own ensuite offers the comfort and convenience of same-level living. A circular staircase leads upstairs to two additional bedrooms and a second full bathroom. A loft-style hallway and family room overlooks the space below with skylights and a raised roofline filling the home with natural light to create a unique sense of light, openness. Step outside to a spectacular backyard retreat, where flowering plants, mature shrubs, and lush trees create a private garden oasis. A detached board-and-batten garage provides space for one car or can be used as a handy storage shed. Located just a few blocks from Guelph's vibrant downtown, you'll enjoy easy access to the main library, shops, restaurants, entertainment, and the city's scenic rivers and parks. This is heritage charm reimagined for modern living; don't miss the chance to call it home.

Listing courtesy of Keller Williams Home Group Realty Brokerage

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