Buying a home can be an exciting time, but it can also leave you wondering when to do so. Depending on what you are looking for in a property, you may want to wait until the market is more favourable. If you are looking for the best deal, you’ll want to understand how the real estate industry changes throughout the year. Here are some ways to know when it’s best to buy real estate in Toronto.
Best Time of Year to Buy a Home
While there is no perfect time of year to buy a home that will suit everyone, it is helpful to know what you want and when you’ll be able to get it. For example:
- Know what you want from the process. It is important to understand what you want your home-buying process to look like. Are you hoping to get the best price? Do you want the most selections? The answers to these questions will lead you to the right time of year for you to be house shopping.
- Cold weather and low prices. Winter is definitely the best time of year to find a good deal in real estate. Because the weather is so cold and many people are busy celebrating the holidays, there are not many buyers looking for a new home. This means you’ll be more likely to snag a deal from a homeowner who is looking to sell their home. Most sellers who post during the colder months may also have a strong motivation to sell quickly, such as for a job relocation.
- Warmer months mean more options. If you want to find the perfect space, then spring and early summer are when house listings start to increase. However, because this is also the best time of year for families to move so that they can settle in before school starts, you’ll also face more competition. That translates into fewer opportunities to get a larger house for less money.
- Late summer offers a little for everyone. Home hunters who want a good selection, but would also like to get a good price, should aim for August. In late summer, there will still be ample selections, but prices will have started to drop from the spring.
What’s the best day of the week for house buying? Some studies have found that Monday is best to close on a house deal. If you make the purchase on Monday, you may be able to save up to 2% on the price. However, Friday has also been shown to be a good day to purchase a home. Buyers that close the deal on Friday will be able to save nearly 2% as well. Thursday is the worst day to purchase, as buyers only get about 1% savings on the price.
If you are interested in learning more about buying a home, call Northwood Mortgage™ at 888-492-3690 or contact us here.