In our areas, Burlington, Oakville and Hamilton, it is a year round HOT Real Estate Market. Interest rates are still at all time lows, our unemployment rates are at historical lows and the Canadian economy is booming- our real estate market is driven by these factors and basic Supply & Demand.
The only time of year we see a bit of slow down, no matter what is happening with mortgage rules and the real estate market predictions, is the Holiday Season or "off season". People get busy with events, parties, work functions, family and trying to take a break, and this is the BEST time, for you as a Buyer, to get a bit of a break on pricing & competition! When the world seems to be shutting down and in Holiday mode, our team is here, diligently working to get Buyers great deals and a new home before the New Year hits and we are immediately seeing lower inventory and Spring Market hits full force.
Here are the Top 5 Reasons it is an awesome time to Buy at year end:
1) You will get more bang for your buck!
In a typical real estate year, 40% of the sales happen between April- July, according to statistics. The lightest months for sales? November, December, January and February. There are many Sellers who want closure before year end. There are also fewer Buyers out looking which means less chance you will end up in a bidding war. The fact is, we are still in a Seller's Market, sitting with 2.8 months of inventory on average. With demand in the GTA and the Hamilton areas, we are not likely to see a Buyer's Market anytime soon, that would be 5 months of inventory available for sale. If you want to save more of your hard earned money, buy before the Spring Market starts, when demand peaks again and there will be an increase in the prices.
2) Sellers are ready to get SOLD! Or they want closure before the New Year...
This time of year, most sellers are looking to do a deal before we are ringing in the New Year. Maybe they have been on the market for a while, maybe they have had to drop their price because they pushed a little too much and the market said no, it may even be a new for sale sign up which means there is a serious reason for selling if they aren't waiting until the busier Spring Market. Whatever the Sellers' reason? This time of year, the Sellers out there are motivated and looking to do a deal!
3) There are Fewer choices available on the Market!
What, you say? You want choices, lots of them? Sometimes too many choices overwhelm Buyers and it makes it more difficult to decide on a home. It is called the "Paradox of Choice". When there are too many choices, people freeze up and cannot decide on anything. Fewer choices keep you more focussed when you are buying, this means you are going to make a better choice, that is more thorough and informed. No pressure, no undue stress means you make more rational decisions!
4) Buyers become the Centre of Attention over the winter!
Our Team prides itself on always providing top notch service to our clients, no matter what time of year. The fact is, when there are fewer Buyers out looking, you not only get a better deal, you also get a lot more time spent on your buying process. No rushing, no falling behind schedule because you are in line to view homes with 12 other Buyers. It is all about you. And, p.s. This means the lawyers, Bankers, Mortgage Brokers and Home Inspectors have extra time for you too!
5) Boxing Day and Post Christmas Sales will get you more for your New Home!
After the Holiday Season? EVERYTHING seems to be suddenly on sale, especially furniture and electronics. It is also easier, and cheaper, to hire painters, contactors and do renovations. Supplies are on sale and no one is commanding a premium fee because Aunt Mary and the whole family is coming to visit so someone's renos need to be done on time, before Christmas. January- March are much slower months for flooring installers too, they welcome the business AND often offer a discounted rate! You can basically furnish and renovate your new place at least 30% cheaper than it would be in the Spring, when people are rushing to get their houses ready to sell, and just before Thanksgiving and Christmas, Chanukah, when family is trying to impress their relatives with fancy new décor.
Everyone's situation is unique and different when they are looking to buy a home. Anytime you, or someone you know, is thinking of moving? Reach out and we can set up a Buyer Consultation, it is totally confidential and free, with no obligation. We are here to help you decide when it is the best time to Buy a Home!