The best time of year to buy a house
I’m often asked when the “best” time of year is to buy a house in Calgary. Seasonal timing is actually a factor to consider, along with current prices, market, inventory and interest rates. I have my preferred timeframes but let’s go over the pros and cons of making your move in each season.
Let’s start with the most popular season for a home purchase – Spring! People are stirring from their winter slumber and agents have listings in the wings which usually leads to a healthy inventory for buyers to choose from. A spring purchase allows families to move during the summer and settle before starting the new school year in fall. The downside of this busy time is that there can be more buyers therefore more competition – but that just means you need to be prepared to act when you see the home you want.
Summer, particularly the early weeks, can also prove to be a good time with listings where the sellers wanted to wait for the school year to be over to put their home on the market. You can find listing with quick closings during this timeframe as well with those looking to close the transaction before the end of summer. Be prepared for a cool-off in August though with many focusing on vacations and preparing for back to school.
Next comes fall, the second most popular season for homebuyers. There are leftover properties from the lull of summer, which may be more open to a reduced price, and inventory is healthy with those looking to sell before the cold sets in. Competition generally starts to drop off in late October, with many people not wanting to move during the holiday season so you might have some more sway in negotiations.
Finally, we have winter. Most sellers don’t want to sell during this time so those who do list are usually motivated to sell so you may find yourself in a better position to make a deal. Inventory tends to be much lower than in any other season so the downside is you might not find exactly what you are looking for, especially if you are set on a particular neighbourhood or style. Another consideration in our climate is the snow – it can cover defects in the yard and make the roof difficult if not impossible to inspect.
No matter the season, make sure you have taken the steps to prepare for your purchase before you jump in and start looking at homes. The more educated and organized you are about the process, the more likely you’ll be able to navigate the waters and make your home ownership dreams come true! Check out more of my tips for buyers and sellers in my blogs and don’t forget to join me on Facebook and Google!