What Season Is Best To Purchase A Home?
Tags: spring, real estate, home buying, selling,
2 minute read.
While you may have a million questions when beginning the home-buying process, there is one question that should be at the top of your list — is now the right season to purchase a home?
There are a number of benefits to each season, especially spring and winter. Let’s take a closer look at the pros and cons of purchasing a home in both spring and winter.
Buying a Home in Spring
Spring is an excellent season for buying a home. One of the major benefits of house hunting during this time of year is the larger inventory. This means as a buyer, you have more choices and it is easier to find your dream home in your desired price range.
Unfortunately, because this is a popular time in real estate, you have more competition and sellers are generally firmer on their listing price. You may be competing between several individuals for home and multiple offers may be placed within a 24-hour period. However, with the right negotiation skills and representation, any buyer can find the perfect home for the right price.
Buying a Home in the Winter
Although it may be known as the “slow season” in the real estate industry, winter can be a great season for buying a house. If a home is available in the winter, there is potential that it has been sitting on the market throughout fall, and maybe summer. If this is true, it means the seller will be eager to make a move. If there is nothing wrong with the house, the buyers can use this as leverage and get the house for less than the asking price. That way, the buyer can spend the saved money on other aspects of the home. Additionally, with fewer buyers looking during the winter, you don’t need to move as quickly to make an offer. You have more time to search, determine a good offer, and negotiate.
On the other hand, there some negative aspects of buying a home in the wintertime. The most obvious is the brutal weather conditions. Harsh weather can not only affect moving into a home, but it can affect your travel to look at homes and attend open houses. As tempting as it may be, it is not worth driving to an open house in a blizzard. Moreover, some homeowners will sell in the winter for strategic purposes. This is because they know that there are not as many options for buyers. In turn, they may hike up the price of the home, making it less affordable for first-time buyers.
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JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8