The Best Time Of Year To Buy A House
Winter is known for being cold, dark, and dreary. It’s the perfect time to cozy up with a blanket, watch your favourite TV show, cook some spicy holiday food.
This may seem odd for many people to buy their first homes or move into a new one during the winter months. But there are so many great things about wintertime house hunting. So if you’re thinking about buying your dream home this season, keep these things in mind.
For one, it’s the perfect time for folks to take a vacation. And since people are busy having fun in warmer weather, you’ll have a better chance to get that property you’ve always wanted. And if you’re looking to buy your house in the nearest future, buying in winter might be a better option than during the summer or spring.
You might have fewer homes to choose from during colder months, but you will be more likely to have an offer accepted when there is less competition from other prospective buyers, as was mentioned earlier.
Why Is Real Estate Market Seasonal?
Certain factors tend to come together during specific seasons of the year. Here are general trends of home buying, which confirms the fact that the real estate market is seasonal.
The demand for homes is usually higher in the summer or spring. For instance, when spring hits, you’ll see a surge in the number of weddings and engagements. Many couples tend to buy a home before they’re married. So if you’re willing to take a risk, consider buying a house in spring.
A real estate agent says that you should be lucky enough to find a house in the early fall because you will face much competition that on winter, and it’s an art to get a house in winter because you can get it easier and at a lower price than on fall.
In summer all kinds of people are interested in buying a house. Many people moved to nearby areas or got a job relocation, others looking for a new home to buy after going through a divorce or because their family has grown.
Most people have been thinking about getting their new places during the summer. So you can take advantage of this demand and get a nice deal on the house in winter since the sellers might be eager to sell it off.
For example, when the school year is in session, families with children will not search for a new property. So consider finding a perfect property during winters because this means less competition and lower housing prices, especially when winter temperatures are below freezing.
It might be easier to understand the real estate season if you look back at what happened in the spring of the last year. You might remember that there was a spike in house sales, especially for first-time homebuyers.
Around the same time, real estate agents started contacting buyers about new homes for sale. But instead of browsing through house listings as people do in the fall, they were getting flooded with different options!
This is because homes sell faster when new buyers are ready to make their move before colder weather catches them.
Weather
When it comes to looking for a home, the weather is also an essential factor. Early spring and late summer see the best weather and most cultural events when sellers usually command higher prices for their properties.
The colder the season gets, the fewer houses sell in a particular area. You can easily find the best sales price in the local market during winter.
But the snow and ice can provide a nice backdrop for you, as it creates a natural contrast between the outside world and inside the home.
And if you’re looking for a condo or townhouse, the weather is also essential since condominiums and townhouses tend to have a lower purchase price in the off-season.
Tourism
If you are ready to buy a new property, you might also consider buying it during the holiday season.
Winter is not only the most beautiful time of the year but a great time for the home buying process. That’s because the winter season is typically a time for families to get together and travel.
This means that you’ll have lower competition in the housing market. Sellers are more eager to get rid of their homes before the weather gets warmer, so take advantage of that right away.
Plus, with all these tourists visiting your town, there’s a better chance that people are less likely to compete for the same house.
Not to mention that you’re more likely to get a home with a lower price tag, so by buying a home during this time, you’ll have a better chance at lowering the amount you pay for it.
Buying A House In The Winter 5 Reasons Why Winter Can Be the Best Time of Year For House Hunting
Open houses in the winter? Not possible, right? Wrong!
It’s totally possible if you’re looking for a home in the GTA, especially if you have a good realtor who knows how to buy homes. And here are some excellent reasons why winter is one of the best times of year to buy a new property!
Allows for Home Inspection in a Challenging Climate
One of the best parts about buying a house in the winter is a better chance of getting a complete inspection. Since you probably won’t be able to inspect during the summer because of the heat, this gives you a chance to look at your house during a challenging time of year. And if you’re looking to buy your first home in winter, this is a very good thing to consider.
One of the downsides to buying a house in the summer is that it’s usually hectic. And it can lead to stress and even bad decisions. This is because home buyers have difficulty recognizing all the future problems they may face, such as pests or anything else that could potentially be hidden during an inspection.
With the wintertime season giving you a chance to look at your new real estate, you might just find that the home inspection will be more comprehensive than usual.
Less Buyer Competition
As the holiday season draws near, you might be concerned about the gloomy weather that will keep you bundled up inside your home. However, if you’re planning to buy a house during winter, then the dark days might just work in your favour.
The thing is that when there’s less sunlight outside, there’s also less foot traffic in the neighbourhood. And when this happens, people are much less inclined to visit nearby homes for sale. Sellers want to get rid of their real estate before Christmas, and this could mean accepting lower than the asking price.
Low competition means you have a better chance at getting a home for a lower price. So if you’re looking to buy a house, you might have a better chance at getting a better deal.
Realtors Are Less Busy
The holidays are the perfect time to look for a new house for a better price. That’s because both local real estate agent and homebuyers take a break during this season. While buyers are busy enjoying the fun-filled holidays, realtors are taking some time off too.
Because of this, realtors are not as busy during this time of year. And just like you, they’re also more inclined to take some time off during this season. Especially if a real estate agent works in the GTA!
Since there’s less foot traffic in the neighbourhood, you might find that your realtor is actually eager to help you find a dream house.
Favourable Mortgage Rates
For homeowners who are looking to purchase a home before interest rates go up, buying during winter is a smart move. That’s because this season is known for the best deals on the market.
If you have a secure financial situation, you may want to take advantage of the lowest in history mortgage rates. It found that based on home sales data from 2018-2020, you might even see some attractive rates as low as 2.5%!
The reason for this is because the holidays are a time when the economy slows down. There’s less activity in cash and real estate markets, which can make it an ideal time for buyers to seal the deal. And if interest rates are at an all-time low, why not take advantage of it?
Best Month To Buy A House
The first week of December is the best week when the hottest deals are made. Winter is the best period for home purchases, because there are typically fewer buyers during cold weather out there looking for their dream home. Home prices are lower than usual, so you will save the most money on your home purchase.
Since the majority of buyers are focused on finding their new home in the summer, this gives you a better chance to get a good deal in winter. During the summer season, you may face more competition, which will result in bidding wars that drive prices up.
If you’re thinking of buying real estate, winter is the best time to do it. With lower prices and less competition, this season is the perfect time for finding the perfect home that you’ve always dreamed of.
