Many different things can influence you when purchasing a home in Ottawa. You could be looking for a quiet place to settle down, or something closer to nightlife. If you’re raising children, safety will be a top priority. If you’re environmentally conscious, walkability and proximity to employment might be considerations. But what about timing? When is the best time to buy a home?
The time of year you’re buying a home can be a deciding factor. As far as I’m concerned, I think of a home as an investment. Like any investment, I think the best time to buy is always yesterday. But in the case of home ownership, there are two buying seasons with distinct characteristics: winter and spring.
Spring: More Options
According to research from the Canadian Real Estate Association, the springtime is the most popular time to sell. Home owners have done the cleaning, exteriors show nicely and people are more willing to uproot and move once the snow has thawed. It’s also an opportunity to move up in home value and get a better mortgage rate.
Because the market is flooded with new listings, buyers have a better chance of finding precisely the home they want. However, the season may not be ideal if price is a deciding factor, or if you don’t have time for a drawn-out house hunt.
People like to buy homes in the spring, too. When prospective homeowners find the right space, they can spend countless hours making repeat viewings and pushing back at the list price, only to suddenly lose the home to one of many competing offers. You could be in for a long summer, with no guarantee that your perseverance will pay off, and no leverage with which to negotiate for homes that check off at least a few boxes.
Winter: The Best Price
If you’re a first-time home buyer in 2019, and are looking for an opportunity to get a home at a bargain, the winter might be a better time to purchase a home. Every year, December has the fewest listings, and accordingly, least home sales, of any month. You might think that makes it the worst month to purchase a home, but that isn’t necessarily true. If you aren’t in a hurry to move into a new home, waiting for the holidays to pull the trigger on a deal could pay off.
Selling and buying a home is a chore during the holiday season, but if you prepare ahead, you can use that to your advantage. Sellers are in a tough position. They could be experiencing financial hardship due to the holiday season, and the cost of keeping a home on the market—not to mention the time commitment of doing showings and keeping their home clean.
Meanwhile, competing offers aren’t as strong, allowin
g you more room and time to negotiate below list price. As a buyer, you’ll never have more leverage. All told, you can save up to $40,000 off the list price of your dream home, making your holidays a whole lot merrier.
Buying a New Home At an Advantage
If you’ve been looking for a home this summer, and find yourself displeased with the options that are available to you now, you might be better off to make a strategic play for this December. This can allow you to pounce on an ideal home while everyone else is worrying about last-minute Christmas shopping.
You can use the time between now and winter to go over your pre-approved loan or any financing you’ve leveraged to ensure you’re getting the best rates. You can also save disposal income in the meantime to improve the size of your down payment.
The Sylvain Bourgon Real Estate Group works with its clients to find the right home, in any season. Ultimately, the right home and the right price could pop up at any time of the year. We can help find the right home for you—whether you’re raising a family or plan on flipping in a few years.
We take responsibility for the happiness of our customers. For more information about how we can help you find the right home for you or your family, contact us at info@buyandsellottawa.ca.