When is a good time to buy a house? The answer isn’t as straightforward as you might think. Many Toronto buyers believe that spring is the best time to start looking, but that isn’t necessarily true. Home hunters who set up appointments, tour local homes, and (ultimately) make a purchase in the fall are often highly successful.
Here are a few reasons for buying a home in the fall:
1) Less Competition in the Fall Real Estate Market
Toronto’s market is pretty active in the fall, but it isn’t the busiest time of year. Fortunately, a slightly less crowded market can be a good thing for buyers.
If you wait to start viewing homes in the spring, you’ll be competing with droves of home hunters. More competition often means a greater likelihood that you’ll wind up in a multiple offer scenario. Then there’s the stress of upping your offer and waiting to hear back from the seller. In the end, you could lose a home you had your heart set on.
Since the market is a little less busy in the fall, home hunting tends to be less stressful—and you’ll be competing with fewer buyers when it comes to buying a home in the fall.
2) It’s easier to narrow down your list of homes
Having a lot of choices isn’t always a good thing. During the home hunt, it’s important to know exactly what you’re looking for—and focus on finding it. Remembering which features and amenities you want is crucial if you want to purchase the right home. Unfortunately, it’s easy to get distracted when there’s a continuous supply of shiny new homes on the market.
The fact is, there are always great houses and condos for sale in Toronto. When it comes to buying a home in the fall, there are slightly fewer of them, it can be easier to spot those that meet your criteria.
3) Sellers tend to move quicker
Sometimes, a seller who listed their home in the spring or summer is still looking for a buyer in the fall. In many cases, they held out for an (unreasonably) high offer that never came. By the time fall rolls around, they’re ready to close. That’s great news for you as a buyer.
Put simply, there are more motivated sellers in the fall, so there’s a decent chance you can get a bargain. Work with your real estate agent to determine how you can get the best price possible when buying a home in the fall.
4) You can check for colder weather issues
When is a good time to buy a house? Consider this. Most homes are at their most comfortable in the summer and spring. During these seasons, it’s often easier for sellers to cover up major issues—like poor insulation or drafty windows.
When you view a home in the fall, you’ll learn what it’s like to live there when the weather is less-than-perfect. Perform a visual inspection of all doors and windows from the outside to see if there are any gaps. When you’re inside, you can also use your hand to check these areas for cold air. Ask about the age and condition of the furnace, and be aware of any temperature changes between rooms.
Looking at buying a home in the fall? I can help. I have the experience and local market knowledge to help you find your dream home. Contact me today, and we can discuss your needs.