Shopping for homes? When it comes to getting the best price, nothing beats good timing. Here are some practical tips that will help you recognize the best time to buy.
Beware of spring
The sun is shining, the snow has melted and the mild weather marks the arrival of spring. Now is the best time to buy, right? Not necessarily. The temperature is indeed ideal for visiting houses, but now is not the best time to get a good price.
- Spring is when the market is busiest and most homes are sold. As this is the busiest time, it means that prices will generally be at their highest.
- Certainly, you will have more choices, but the increased demand means that sellers will be less inclined to stray from their starting price.
The holiday season: time to make purchases
Typically, house prices hit their annual low in December. So put on your boots, your winter coat, and your Santa Claus beanie, then start your research!
- As a buyer, you will have a lot less competition this holiday season, when other potential buyers are too busy with their family plans or are hesitant to weather the weather.
It’s the time of celebrations and low prices
Since the holidays are a great time to be in a good mood, you might run into sellers who are more likely to lower their prices.
- Someone who puts their home on the market during the holiday season will likely make the sale (and pre-negotiation) very seriously.
- Christmas week might seem like an inopportune time to make an offer, but the competition will be minimal. Some real estate agents even make tours and deals on Christmas Day.
- The period from November to February is when you will find the best prices, but maybe you are just looking to explore the market before the sales season.
Remember that luck favors those who do it in advance.
What is the best time for you?
Of course, there are a lot of things to consider before taking action.
- Do you have time to wait for a better time to buy?
- Are you starting a new job and need to move your family immediately?
- Are you ready to bet that interest rates will stay low?
Be patient and consult a real estate agent
Patience is generally a virtue when it comes to home buying.
- However, if you are buying in the spring when the market is at its peak, acting quickly might be the only way to get your dream home.
- Consult a real estate agent in your area to find out what to do in your situation.
- If you don’t know a real estate agent, ask a friend or relative to recommend one.
Remember: if you have the patience to wait for snow, you should be able to get a better price.