Canadian autumns are a beautiful time of the year. Many people travel to see the glorious fall foliage of the stunning shades of yellow, orange and red leaves. Besides the many things to do, did you know that fall’s a great time to buy a home too?
The fall season has notable perks for first time home buyers! So, if you’re planning to purchase one, get those home-buying tactics ready, so that you can find the perfect home and save money along the way.
5 Reasons Why You Should Buy a Home this Fall
1. Motivated sellers
Compared to spring, the market in autumn is thinner, less busy and less competitive. Because there are fewer home buyers during this season, sellers are more motivated to sell their properties and close deals as sellers are more open to negotiations and thereby, allowing you to save.
2. More options
Fewer buyers in the market also means it’ll be easier for you to view more listings in one day. This gives you a better chance of finding the home that’ll fit you perfectly – in terms of features, location and budget. Just make sure that you don’t miss out on your dream home this season by consulting a mortgage broker early on and preparing your funds for a down payment on a home.
3. Slower market
Because there’s less competition this season, you’ll be able to navigate through the real estate market at a slower pace. Singles and newly-weds will benefit from the market, because they won’t be constrained by the school year. This is also true for first-time home buyers who may be looking to buy a home before they start a family.
Although you can take your time searching for a home, don’t spend it all on the search. It’s also wise to spend time planning before the search for the best strategy in buying a home, comparing mortgage rates and getting pre-approved for a mortgage. These are all money-saving ways to maximize the slow market this season.
4. Feel the neighbourhood
This golden season is also an opportune time to get the feel for the neighbourhood. You’ll see families doing their normal routines in a more relaxed setup. This’ll help you visualize if you’ll fit in with the vibes of the neighbourhood.
But before you fall in love with the neighbourhood, don’t forget to consider if you can afford a home in that location. Aside from the average purchasing price in the area, consider the current mortgage rates. You may also opt to use our mortgage payment calculator to see if the home you’re looking at fits within your budget.
5. Just in time for the new year
Helpful Home Buying Reminders this Fall
Take your time in searching for a home
As a first time home buyer, be patient and allow plenty of time to find the home that fits your search criteria. Keep updated on new real estate listings because you’ll never know when new opportunities will arise.
Learn the seller’s reason for selling the house
Inquire why the house is being sold as there’s a possibility that the seller’s desperate to relocate because of work or other personal reasons. Conversely, you may discover that the house was previously listed and didn’t sell… it would be favourable to find out why. Was it because it wasn’t priced correctly or were there other issues? These reasons, among others, are definitely opportunities to be seized in negotiations.
Shop for mortgages
A slow movement in the real estate market and less competition, are two very good signs that mortgage lenders are more responsive and more willing to be considerate when it comes to your mortgage rate. Maximize these opportunities and take time to compare current mortgage rates in order to find the best deal that meets your needs.
Get the Best Deal this Season
Consult Daisy Raouph, a reliable mortgage broker and financial security advisor in the Greater Toronto Area, can definitely help you during your home buying journey. With Daisy’s services, you’ll have the support and expertise you’ll need, so you can efficiently navigate through the home market this autumn season.