Why Fall Is the Best Time of Year to Buy a House
Often, you have no choice about when to buy a home — you may need to move immediately due to a new job or another change of circumstance. However, when you do have the flexibility to choose, fall tends to be the best time of year to buy. To understand why fall is an ideal season for purchasing a home, it’s helpful to consider each of the seasons in turn.
Winter
People are less enthusiastic about moving when the weather is cold. This leads to fewer sellers listing homes, but also fewer buyers to compete with. As a result, you are more likely to have your offer accepted, but the limited choice could also mean you miss out on something better that may be listed down the road.
Spring
Sellers tend to start putting their homes on the market again in the spring, which means you’re spoilt for choice. This reaches a peak around April. At the same time, though, more buyers are looking and bidding wars become common again. If you want to buy in the spring, it’s crucial you sort out your mortgage application beforehand.
Summer
Summer is much a continuation of spring: inventory remains high, but there is still plenty of competition. You’ll need to be decisive if you want to search for homes in the summer — if you see something you like, you’ll need to make an offer immediately. If you wait too long to think about it, you may find that someone else has already purchased the property.
Fall
Finally, we come to fall — the best time of year to buy. Although inventory may be lower than in spring and summer, it’s still high enough to give you plenty of choice. Many families with children will have either made a purchase or stopped their search in time for the new school year, meaning you’ll no longer need to compete with these buyers. However, sellers want to finalize sales before winter. For this reason, fall can also be a great time for deals, although this is often dependent on the neighbourhood. For instance, homes in one part of a city may have the same price as before, whereas properties just a few blocks away may have lowered their prices.
Before you start your search for a home this fall, talk to a mortgage broker. St. Albert homebuyers can benefit from the expertise of brokers at Flare Mortgage Group. Contact us today to start the process toward pre-approval for a mortgage so you'll be ready to make an offer on your schedule.