Buying a House? August Civic Holiday Weekend Is The Best Time

at the cottage

The summer is a time when most Toronto residents look forward to slowing down the pace and relaxing.    One of the key things we all love to do is get out of the city for a couple of days.

We have the August civic holiday coming up in a little less than 10 days and I am sure most have already made plans to either head out to a cottage or just plan a mini vacation outside the city.

But for those who are serious about find a home this holiday weekend may just create the perfect scenario for securing a deal…A perfect storm.

Here’s how it goes. Realtor love their holidays and I can bet if you asked your real estate agent what they are doing on the long weekend and their answer will be “I will be heading up to the cottage”.    So for buyers who are working with these agents you will be alone unable to view houses and if you find a great place they’re not even in the city to put together and offer.

So for 72 hours I would say that 40% of realtors will be off the clock.  What a bonus!  This means for myself and my clients we have substantially eliminated almost half of our competition.

Now that we have realtors kicking back it’s time to focus on Toronto buyers.  When the long weekend coming up most buyers start to think about holidays rather than buying a home.   Thoughts move to heading to the cottage, camping or just taking a break and head out of the city.

These buyers have pulled themselves off line regarding any homes which come onto the market on the days leading up to the long weekend.  So if their realtor did find a great house they are not in any position to go out and view it.  In this situation I have most likely culled 50% out of the market for weekend.    As I said…a perfect storm.

So as these two events collide it creates a limited window of opportunity for those savvy enough to leverage it.

I have informed my buyers to prep themselves for the long weekend as we will be working. What this means is being accessible and flexible because if we find a great place we have to secure the deal before the holiday crowd comes back.

So Tuesday  as realtors and buyers once more plug themselves back into Toronto’s housing market the first thing they discover is the house they had been searching for months for is sold.    Lets just say there will be a lot of angry words as both sides affix blame as they attempt to find who dropped the ball.    In this case it might be both.

Most buyers, as well as most realtors, think only in the present.   If you apply some forward thinking you can anticipate changing market conditions and then apply tactics which will better position you to take advantage of the situation.