WHY YOU SHOULD CONSIDER BUYING IN WINTER
I know it sounds counterintuitive, but the truth of the matter is that December through February is an EXCELLENT time to buy a home. If you are savvy — and willing to brave the elements — shopping in the low season might get you into a home for less money than you’d spend in the spring. Chances are excellent you’ll be able to buy at a discount compared with prices in peak home-shopping months. Here are some reasons why:
- Sales are slow – December is the second slowest month for real estate sales in the GTA (with January being the slowest). Yes this means there are fewer listings, but also a lot less competition for the houses listed on the market. A home that may have received 15 offers in September may only receive 3 or 4 in December.
- Less competition – There are fewer bidding wars in the winter months. Sellers are more likely to list a property at what they really want to sell it for, which means you may not have to play any games. You may have to decide quickly, but you may not have to pay $100,000 over the asking price to get the house of your dreams.
- A home’s true colours – You will see what a property REALLY looks like. In other words, you won’t be manipulated by the beautiful gardens that you’ll never be able to maintain. Seeing a yard at its worst – when the trees have no leaves and the ground is covered in snow – means you’ll never be disappointed. You also will be in a better position to assess how well the home is insulated, whether there are any cold drafts and if the furnace is in good shape. This will save you some headaches down the road.
- Sellers are motivated to sell – Sellers who are on the market in the winter are usually more motivated to sell than those who list in the spring or summer. Usually the sellers want a fast closing date and are willing to throw in some extras to sweeten the deal. They also will have less offers to entertain so they are more likely to take any offers seriously.
- End of year – You may find a deal if you can close quickly. Investors looking to sell their properties in their current tax year may be extra motivated if you can close before December 31st.
Thinking of buying or selling in the winter months and don’t know where to start? Contact me today and I can help get your search started!