DOES THE TIME OF YEAR REALLY MATTER WHEN IT COMES TO BUYING A HOME
The different seasons can have an effect on specific factors in the Real Estate Market. These factors may include; the number of homes available for sale, home prices, competition in the market, and more. Here are just some of the pros when it comes to purchasing a home in each season.
During the winter months home prices are usually lower than any other time of the year. This is because the market is slower, there is less inventory and also less buyers looking for homes, which reduces competition. Most people either take their home off market during the winter, or they wait for the warmer weather to put their home up for sale. Those who choose to sell during the winter months generally want to sell as soon as possible and are ready for their home to be sold, giving you more negotiating power.
As the weather gets warmer, so does the Real Estate Market. Those sellers who decided to put off selling over the winter are now ready to put their home up for sale. It's at this time that you will begin to see more and more homes come to market and your choices become much more abundant, so if choices are something you seek, this is a good time for you to start looking. Families are also want to shop for new homes during the spring as the school year comes to an end. Buying now and closing during the summer has the benefit of not disrupting the school year for kids and allowing time to get settled before the following school year begins.
Just as inventory increases, it is likely that so will the amount of buyers entering the market who have also sat out the colder months. This may create higher prices, depending on how high the demand is on the market. When it comes to spring, knowing what your goals are will help you to decide if this is the best time for you.
Summer is a great time if you are looking to both sell and buy a home. You have the ability to showcase your current home, get it sold and be active looking for a home while having choices of what to buy. It is also a good time of year to be able to coordinate closing on your current home with your new home. Another benefit of buying in the summer is that you can usually get a good value if you are able to wait until late in the season. As you get closer to August the market tends to slow down as buyers leave the market. This gives you the opportunity to find a good deal.
Although the fall season can be similar to the spring, the market isn't quite the same. Sellers want to move before the bad weather hits and so this is a good time for them to put their home up for sale. This gives potential buyers like you, more choice. Unlike the spring market families with children who were looking, tend to slow down as the school year begins or put off their search all together until the next spring. A healthy amount of homes on the market mixed with less buyers than in the spring, allows for less competition and more negotiating power when selecting a home.
HOUSING MARKET CONDITIONS
Although the market changes with the seasons there are other factors at play. Some of these factors may include current mortgage and interest rates or whether you are looking in a "hot" city or out in a more rural area.
To learn more about the current housing market in your area, or to determine if now is a great time for you to buy, book a consultation with one of our home buying specialists by calling 905-963-7355 or clicking the link below: