Knowing the right time to buy a house can be tricky. A few things fall into play, particularly your personal situation, your REALTOR®, and ultimately, when a good deal presents itself.
Is it A Buyer’s Or Seller’s Market?
Do your research to determine what the market is currently like.
If it is a buyer’s market, there will be more homes for sale than there are buyers, so your chances of receiving a great deal is higher. There will be less competition with other buyers so seller’s will want to accept your offer.
If it is a seller’s market, there are more buyers, which means more competition. If you see a home you absolutely love, you should put an offer down as soon as possible. You may end up spending more than you originally planned too, especially if you end up in a bidding war with another buyer.
Seasons Change, And So Does The Housing Market
“What is the most ideal season to buy a house? Typically, winter,” says Lisa Nash>>, a Fivewalls agent with over 10 years of experience in the Toronto area, “December or January are when sellers are more motivated to sell If they are on the market during those months.”
Cory Matthews>>, another Fivewalls agent who serves the Hamilton and Toronto area, agreed. Cory has been in the industry for over eight years now who also owns his own investment properties, so he knows what to keep an eye out for.
“The most ideal season to buy would be Christmas to March,” Cory said. “Assuming you find what you are looking for. Generally, if someone is selling during this time they need to sell and will take your lower price offer.”
Cory found two of his investment properties during the winter season, both of them offering great deals.
When Good Deals In The Housing Market Arise
Spring is definitely a popular time for housing activities to rise. The snow has melted and the flowers have started to bloom, which increases curb appeal. Buyers have also recovered from the holidays and are ready to start making offers.
“The majority of the properties that come up would be on the spring market,” agrees Bryan Grant>>, another qualified Fivewalls agent who serves the Hamilton and Toronto area as well. Bryan has been in the real estate industry for 13 years now and is a great advisor for both buyers and sellers.
Though Bryan agreed more houses present themselves during the spring, he said it really does depend on when the right opportunity arises for buyers.
“A good deal can come up at any time throughout the year,” he said. “There is no specific time you should buy a house. It depends on how good your REALTOR® is to find you the best deal and know when to strike.”
Things To Consider
If you are looking to buy your home around the holiday months or into the spring, your chances of finding what you are looking for at a fair price are very likely. Sellers will be more motivated to sell throughout the winter because there are less buyers interested, and come spring time there may be more competition with other buyers, but more homes will be available.
Though it is agreed these times are hot for buyers, it really does depend on your REALTOR® and when the right opportunity presents itself.
“It can take up to six months to even find the right home,” Lisa says. “It can be very difficult to get the timing to coincide.”
Buying a home is a big decision and a learning experience, especially for first-timers. Though Lisa, Cory and Bryan agree the spring market is popular for buyers, a great deal can arise at any point throughout the year. Having a REALTOR® guiding you through the process will allow you to have access to great deals no matter what season it is.
Looking to buy a house? Our experts are happy to help you:
Agent Name: Lisa N. | View Agent Profile>>
Serving Area: North York, Scarborough, Toronto
"Whether you are a first-time buyer, move-up buyer, or an empty nester, I promise to make your move worry-free."
Agent Name: Cory M. | View Agent Profile>>
Serving Area: Hamilton, Niagara Falls, St. Catharines, Toronto
"When I represent my clients I have one simple rule: if I wouldn't buy it, I won't let you buy it!"
Agent Name: Bryan G. | View Agent Profile>>
Serving Area: Burlington, Hamilton, Milton, Mississauga, Niagara Falls, Oakville, St. Catharines
"Whether you're a first-time home buyer, looking to sell, or an experienced investor, I can provide you with complete real estate solutions."