Is it the right time to look for a home?
The first few months of the year can be difficult for many of us. The holidays are over, and our well-intended resolutions may not be getting the attention they deserve. We’re back to facing the monotony of our daily lives and our post-holiday funds are only getting tighter. Between the dark, cold weather and accompanying winter blues, it might surprise many that January and February can be the best months to look for a home.
The reasons you might imagine these months to be dead are the exact reason it can be a buyer’s market! There are more specific reasons for this discrepancy than the blasé of winter. Moving in Canada during winter, and even early spring, can be a complete nightmare. This makes many wait for more agreeable weather. It also causes sellers, often swimming in holiday-debt, to agree to more competitive offers. A savvy home buyer should make a move during these months.
So…Have I missed the boat?
You may be worried about this market information that you’re either stuck in a seller’s market or else renting for yet another year. Fear not! It’s true you won’t get the bargain you would in January or February, but you can still walk away having spent possibly tens of thousands less than you would between May and July. As the title would suggest, March is still prime time for the savvy homebuyer.
The first two months of 2020 have shown strong growth over 2019, but if history is any indicator, we should expect this to continue into the summer months. To add to this, the Bank of Canada announced changes on March 4, 2020, that we will see prime rates drop by 0.50 per cent. You should buy a home when you’re ready, but it’s a great time to get the process started before the market heats up!
If you want to buy a house, but missed out in January and February, you might want to get your pre-approval in place!
Is it now or never?
It’s true that the “best time to buy” is highly personal. The purpose of the above information is not to scare you into a “buy-now-or-never” mentality, but rather to emphasize the benefits of getting started sooner rather than later. These benefits may not outweigh other factors that you have to consider. However, if you are honestly considering buying a home, starting sooner will help improve the chances of finding the right home!
If you wait for the perfect conditions, you’ll miss out on opportunities. This is true of life and it’s definitely true of real estate. Evaluate your options and see if you have everything you need. There are more homes on the market now than there will be once “buying season” is upon us. You may not find the perfect house for the perfect price, true. But you’ll have a better understanding of what you can afford, what you’re looking for, and be better positioned to make an offer if you find a property you like.
Do I buy or not? Is it always this overwhelming?
This advice might seem counter-intuitive, but it’s not. Keep your eyes on listings in your desired area. Remember, sellers sometimes settle for less than the asking price. If you want to take advantage of the season, don’t be afraid to negotiate. Knowing your budget and getting a pre-approval are good signs to your realtor and the seller that you’re making a serious offer.
If you’re unsure what the first steps are, reach out to your trusted mortgage broker. They’ll work with you and make sense of your situation. Buying when the market is good is not always the best choice. But if you honestly don’t know what your best move is, they are there to help. Good things don’t always come to those who wait. The sooner you prepare, the sooner you are ready to make an offer on your dream home!
Is spring the right time to look for a home?
Armed with these statistics, what will you do? There are several advantages of buying before the spring market settles in. You might face less competition and sellers may entertain more competitive offers. But the window is closing fast! If you’re thinking about buying a home this year, don’t delay. The best time to buy a home is when you’re ready, but if you’re seriously considering it in 2020, it’s a great time to get the process started.
If it’s the right time to look for a home and you’re looking for mortgage advice, you can give me a call at (705) 333-4338 or get in touch with me here!