Do you want to move and buy a new house soon? Before taking the first steps to acquire your future property, you still need to be able to determine the right time to take action. So here are some tips to help you figure it out.
The Best Time to Buy a House
The Influence of the Season: Buy in Winter or Summer?
If some answer this question rather categorically, we must still be cautious about it. Indeed, you should know that each season has its share of advantages and disadvantages when it comes to acquiring a property. First of all, buying a house in the summer is often an interesting avenue for people who have children in school. Indeed, moving during this season prevents children from changing schools during the year, which can be a source of stress for many children.
Nevertheless, it should be remembered that the real estate market is more active during this period and that because of this reality, you may have to face a few auctions which may not be favorable to you financially.
Let’s continue by raising the fact that selling a house during this period to buy another also avoids having to reconcile the move with the difficult climatic conditions of winter. What about the number of properties sold during this period? Unsurprisingly, it seems that this season is quieter for sellers. Consequently, this provides a definite advantage to buyers, because sellers will be more inclined to lower their sale price if they have to sell their property quickly.
Moreover, it is interesting to note that house prices fell to their lowest level of the year in December. This could allow a new buyer to save several thousand dollars, which is certainly no small feat!
However, you should expect to experience some difficulties during the pre-purchase inspection, which can be more difficult depending on the weather conditions on that day. Also, as mentioned above, your move could be more difficult if the temperature and the snow do not give you gifts during this one.
As for spring, it is essential to remember that many offers are available during this period. Since many buyers wait until summer to start their search, deciding to start your search earlier could give you an advantage. Indeed, a seller wishing to settle the sale of his property quickly could be delighted with your offer. However, he could also negotiate with you, arguing that better offers could be submitted to him later in the summer.
Finally, towards the end of August and therefore with the approach of autumn, it is not uncommon for sellers to fear the approach of the off-season. In doing so, some might be more in favor of lowering their selling price or making concessions to avoid facing a slower market in winter.
Have you Received your Mortgage Pre-Approval?
When you are enthusiastic about the idea of buying a house, it is not uncommon to want to start your search immediately. However, it would be better to wait until you really have the financial means to get started. In this regard, obtaining a mortgage pre-approval is a good starting point to be sure of being able to buy the coveted property and avoid wasting your time. Also, the fact of having carried out this process reflects the seriousness of your approach to buyers.
Buy in Presale: The Ideal Time to Buy
If you want to buy a condo more than buying a house, you could decide to buy it when the construction of the building begins. Indeed, you should know that even before starting the construction work, a contractor must have sold between 30% and 60% of the units. This is why it is possible to obtain a favorable price for the accommodation in question, in addition to having the advantage of choosing the condo of your choice before many other owners. By the same token, you will be able to select the condo that corresponds as closely as possible to your needs in terms of area and location.
Is your Family or Personal Situation Stable?
Life being what it is, things don’t always go the way you want. Since a move and a change of environment have their share of worries and stress for the whole family, it is important to take your family or personal situation into account before taking the plunge. Obviously, the whole family will have to be consulted on this subject, otherwise, this great upheaval could be badly experienced by some.
In the same vein, uncertainty about your employment situation could be a good reason to postpone your project to a later date. In fact, it is better to wait until you are sure that you can benefit from good financial stability to meet the expenses that accompany the purchase of a house as well as the sale of your current property.
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