Well, summer is over half over already! Business will slow down temporarily in the Highlands for the last two weeks of August while Buyers turn their attention to back to school preparations and The CNE, but they will be back come September! September and October are traditionally crazy months for Realtors. Buyers who have looked all summer but not found that perfect cottage yet, are really serious now. Many think about how nice it would be to have Thanksgiving in their new cottage and invite all the family! Environment Canada is predicting a warmer than usual Fall this year also, which should help keep people motivated.
With serious items such as economic trends and interest rates - why did I mention the weather? Sounds crazy, but the weather can affect real estate in cottage country quite a bit! Haliburton County is still an area of "choice" - lower taxes but a Muskoka feel. So even in a tough economy, it is still a great place to buy a vacation property. Having said all that, Buyers still have to be "in the mood". Spring presented a lot of wet, cold weather, and it was hard for Buyers to think about lounging on a beach or on the deck of their new cottage! July started with a huge bang - until the severe hot weather hit! Everyone renting a cottage and thinking about getting their own, stayed at the cottage - too hot to move, too hot to drive around and look at options. It doesn't mean they won't look, it just created a temporary lull.
The County definitely had lots to choose from this year - many listing in many price ranges. I wouldn't call it a Buyer's market just yet. To create a Buyer's market, both Buyer and Seller have to be of the same mind set, and right now, Seller's still want their prices. There are several price reductions in the area, but not much above normal for this time of year. Remember, fair market value of a property comes down to what the Buyer is willing to pay and the Seller is welling to take - a meeting of the minds!
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