Let’s forget about hot and cold real estate markets for a second. I realize that’s hard to do with so many media outlets pushing opinions. But, let’s look at historical trends and patterns that have remained consistent for well over 30 years.
The Spring housing market is the best time to sell. Sale prices are usually highest from February to June. It’s also going to provide buyers with the most selection as the number of listings usually increases.
But, it’s important to remember, however, that the Spring’s not always the best time to buy.
In realty, if you have a family and don’t want to uproot your kids mid-school year, you’ll probably have little choice than to buy in the Spring and close in the Summer.
Prices go up in the Spring – this is an undisputed fact!
The Summer market has fewer sales and usually sees home prices fall 5-10% – not just in 2018, but virtually every year. Even in the hottest year in recent memory, 2016, home prices fell in the Summer. Summer has traditionally been the time for vacations and moving into new homes, which makes sense why we see fewer sales and a small price drop.
Fall is back to school and work time
It’s also a time when we’re looking, once again, to buy homes. Work-related job transfers or new life opportunities bring about a more active real estate market. September to November is the second busiest time of year for home sales. You’ll also see the supply of home listings go up as savvy Realtors and sellers know this is a good time to sell.
December and January are the worst months to sell… but best to buy!
Yet, we still see new listings come to the market. Who wants to sell during these months? Motivated sellers, that’s who – sellers who either have to sell or just want to sell for one reason or another.
Most people who’ve had their homes listed for sale during the months of October and November that haven’t sold will remove their homes from the market, with a return planned in February or March. This will reduce the number of properties for sale, creating an interesting balance of fewer homes for sale, but also fewer homes selling.
And if you’re a first-time buyer or don’t have a home to sell, you could find a good deal in the Winter. This doesn’t mean you’re going to get a huge discount, like 25-50% off, by any means, but you could easily save yourself 10-15%.
My advice is to speak with a Realtor and get a professional searching for properties on your behalf. You don’t pay a Realtor to help you buy. The seller pays. And, while we’re now able to search for homes on our own, I always enlist the services of an experienced Realtor for added piece of mind.
Happy shopping… And, remember, if you need a mortgage, speak with an experienced Mortgage Broker. Only Mortgage Brokers can provide unbiased, neutral advice. Brokers don’t work for any one bank. We work for you – negotiating on your behalf with a variety of financial institutions and mortgage providers to ensure you’re always in the right mortgage tailored to your needs.
Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.
Steve Garganis: 416-224-0114; firstname.lastname@example.org
As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.