Timing is Important
Out of all the factors that buyers need to consider when buying a home – price, location, mortgage rates, financial situation and many others – seasonality is probably the most overlooked. But does it really matter?
As the wise say, there’s always time for everything. Depending on the season, you can get a better price with less competition. A month’s difference could mean saving thousands on scoring the best deal in the neighbourhood.
Whether you’re a first time home buyer or an experienced one, it’s a good idea to be prepared and secure your down payment for a home this spring. Historically, springtime has the busiest housing activity of the year, according to the Canadian Real Estate Association (CREA).
Discover what the buzz is about and learn why you should buy a home this spring.
3 Reasons Why Springtime is Best for Home Buying
1. You’ll enjoy many options
Real estate agents are busiest during spring. It’s really a hot time for the market. Sale inventories usually increase during this season due to houses looking better, grasses, bushes and trees are greener and more lush.
Since the number of real estate listings are usually increasing, you’ll have better options as a buyer! Whether you’re newly-weds, first-time home buyers or you’re simply looking for your dream home, here’s the chance to get a home that’s perfect for you.
There’s also a high chance that the spring season can offer you the perfect listing. On the flip side of things, there’s a higher probability that you could end up in a bidding war. Be careful with bidding wars though, as this could mean a higher purchase price than you were planning for. Take caution and shop below your maximum allowable budget to ensure you don’t overspend and move quickly when you find the home that’s right for you.
2. It’ll be convenient for you
If you’re a growing family looking to upsize, you need to consider buying a home this spring. This’ll be the most convenient time for you to do so. Families consider buying a home in spring, in order to avoid disrupting their children’s school year. This’ll give them ample time to settle in before the new school year.
Indeed, the warmer weather is more favourable to go house hunting. Open houses will be more welcoming and easier, now that houses are not covered with snow. This season will be so enjoyable, that you’ll want to make shopping for a home a family affair.
3. You’ll get competitive mortgage deals
Data from ratehub.ca shows that spring and summer may be the best seasons to get a mortgage. This is according to a three-year data wherein Ratehub observed a consistent drop in mortgage rates in the months between April and July. Know that this applies to other industries as well. This is observable in clothing, vehicle and even furniture markets. So you might want to take note of this!
Mortgage lenders take advantage of this hot market by competing for the strongest promotions and offering the best deals for a home loan this season.
Here’s a Bonus Tip: Be Prepared and Start Early
There’s no denying that Springtime is the season for both buyers and sellers. If you’re serious about owning a home, you’ll need to level up and be prepared to get ahead of the market.
There’s a chance that house listings will overwhelm you and real estate agents may be too busy to accommodate your every need. To get ahead of the game, know what you need. Are you looking for a starter home closer to work or do you need a larger space for your work-from-home setup? Which neighbourhood would fit the needs of your family? Knowing what you’re looking for will save you time in house-hunting and will also narrow down your choices.
You can even take the next step and get a mortgage pre-approval before house hunting. This’ll help you to be prepared and save you potential trouble from overspending.
Be Informed and Consult a Professional
Expect that you’re not the only one who wants to get ahead and grab the best deals in the market. In this economy, everyone wants to make sure they’re getting the most out of their money. You should be thinking along these lines as well.
Be the one with a solid plan. Start with a consultation. Speak with a reputable mortgage broker who could get you closer to owning a home. Daisy Raouph is a trusted mortgage broker and a financial security advisor in Toronto. Daisy will be able to help you achieve your housing goals and help you plan and manage your home loan in a secured way without breaking the bank. Book a consultation today!