15 Dec What is the Best Time of Year to Buy a Home?
Are you looking to purchase a home in the near future but have a little flexibility on your purchasing date? If you are willing to exercise some patience, there are certain periods throughout the year which can offer an opportunity for buyers to save thousands of dollars. By understanding the basics of supply and demand, while also tapping into the natural emotional patterns of sellers, a stunning home can be made much more affordable than you ever dreamed.
The Supply of Homes
Historically, the total number of available homes for sale increases between October and December and decreases between July and September. Some markets will also see a surge in supply during spring with a sense of new beginnings lingering in the air, however, demand quickly matches the supply levels as anxious buyers emerge from their homes after a long snow filled winter.
As a potential home buyer, you could face less competition and discover lower prices when supply levels are at their highest. When supply drops, real estate prices can temporarily increase, further fueled by bidding wars between multiple potential buyers. Although there are windows of increased supply in the fall and winter months, there are also very specific dates that could score you the deal of a lifetime.
Hunt For a Home Instead of Easter Eggs
Although there is traditionally intense competition in the spring, there is one day where you could present an offer to a homeowner without any contending bids. If you are able to find hard working agents that are willing to work through the holidays, Easter Sunday is a great time to submit an offer on a home. If a home is placed on the market on the Friday or Saturday before Easter, you may be able to have your offer signed and accepted on the Sunday before all the other offers flow in on the Monday or Tuesday after the holiday.
The Holidays are the Best Time to Find Your Dream Home
One of the days of lowest competition is Christmas Day. Almost no one is out hunting for a home on December 25th but the entire holiday season can be a buyers dream. Not only is there less competition around Christmas and New Years but the home owners also tend to be in high spirits. Between family visits, presents and multiple gourmet dinners, individuals who are selling their homes may be more willing to accept lower offers or agree to less conditions. Don’t be intimidated to contact someone on Christmas Day- if their home is up for sale over the holidays they will be interested to hear from you.
Once again, the trick is finding a real estate agent that is willing to work on a holiday. If you don’t have any luck on Christmas, just after New Years Eve can be a second opportunity to find an amazing deal. If a homeowner has had their home listed for the majority of the year before, a new year can be the driving force that pushes them to accept a lower offer. In January there are almost half the number of shoppers than there are in June– so take full advantage!
If you are considering going holiday house shopping this year, it is extremely important that you have your mortgage secured beforehand. The mortgage rules in Canada are changing January 1st, so contact us quickly to maximize your total mortgage amount at the lowest possible rate!