think that Spring and Summer are the best times to buy a home and move. There are some valid reasons such as it is more comfortable outside, more people are more mobile, the sellers know that their yards look better with no snow on them. There are several powerful reasons why shopping for a house during the Ontario winter months is a smart time to buy real estate. Let me share some real upsides and a few ways you be wise and take advantage:
Less Competition: Fewer Buyers with whom to Compete
Simply because the prevailing logic is that spring and summer are the best time many people do wait. This clears the field for the winter buyer to have their pick of the listed properties.
Low Demand equals Buying power
Low demand works in the buyers favour. It is basic real estate economics. The winter months can be the prime time for the investor or buyers with sharp pencils to maximise their savings.
Lower Inventory
It is true that in most markets there is less inventory looking to sell. That does not mean however, that the right spot for you is not out there waiting for you to find it. And… when you do there likely won’t be a crowd making you rush to buy it.
Prices are Lower
When supply exceeds demand the result is usually less cost. Put simply if there are more houses out there than buyers this usually means the purchase price tends to be lower.
Sellers are Motivated
Your purchasing power is also leveraged in the winter because more of the Sellers are impatient to get their sale completed.
They have fewer buyers looking at their property. It is less convenient to have their home on the market. It is harder to keep it staged and clean. It is less comfortable to be outside the home to allow the showings. The result: Sellers want to get things done. They are more motivated to be open to a better deal for you.
The Seller’s Circumstances may be to Your Advantage?
Not all sellers have the luxury of making a calm calculated decision regarding the timing of selling their home. there are many reasons why more properties than you might think are on the market during the winter. It might be a job change, personal issues, financial issues, marital split, – just to name a few. Many times these Sellers are even more motivated to get the sale done and are even more motivated.
Less Likely to find Yourself in a Multiple bid situation
Winter buys reduce the chances you will face multiple offers on the single property you prefer. There is much less chance of finding yourself in a multiple bid situation. Avoiding these circumstances go a long way in getting and keeping you with the upper hand in the negotiations.
Closing and Moving Supplier Availability
For Home Inspectors to Lawyers to Contractors to Moving Companies – all may have more time, availability and attentiveness to devote to you in a Winter buy than in the chaotic months of Spring and Summer.
Not only will Sellers Work harder for your Business – So Will Your Real Estate Agent!
With many summer homes on the market, Real Estate Agents get stretched thin keeping up with the action.
The slower winter months mean that she/he will have much more time to devote to your situation. The other factor is that their cash flow has decreased so they are are also more motivated to excel during these leaner months.
DECISIONS, DECISIONS, DECISIONS
So if you think you will be looking in the spring anyway, bundle up, get out there and start your hunt. You just may end up saving a bundle.
The Real Estate market is strong and there is little reason to think that it will be slower next spring or summer. With low interest rates and escalating prices this is a great time to invest. Take advantage of Ontario real estate buying in the winter, call me if you have any questions at 519-389-7153.
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