Have you ever heard about the ‘selling and buying seasons’ in real estate? Each season has a different effect on the real estate industry, so which is right for you?
There’s a common conception that spring is the busiest time of year in the industry.
Whether you’re thinking about buying or selling, it’s worth looking into whether or not there are any differences between the seasons.
Winter
Home buying is often considered a warm weather event, particularly for families.
Buyers with children tend to look for real estate in the summer months, before the new school year begins.
Yet with many year-round schools, this no longer applies. In fact, there are often advantages to shopping for a home in the winter. You can see how the property is impacted by heavy wind, rain, and other wintry mixes.
It’s also easier to get an idea of how much the home will cost to heat during the winter, and take note of local flooding or other potential inconveniences that you wouldn’t spot in the spring.
With a slower market during this time, buyers also may be able to negotiate more favourable terms and conditions.
Spring
The property market starts to warm up in the spring, like clockwork each year.
Buyers benefit from a wider range of properties than the winter, while sellers benefit from higher turnouts at open for inspections.
The downside is that the market can quickly get flooded, with stiff competition that can drive up prices.
An ideal day to buy in the springtime is Easter Sunday, with little competition to contend with.
Summer
Abundant sunshine and school holidays make summer another top season for buying a home. It carries with it a number of advantages for buyers, particularly those with children.
You’ll find a larger selection of homes for sale on the market during this time, potentially increasing your chances of finding the right fit. It also gives children the chance to make new friends before the school year starts.
Summery weather breeds optimism, and many houses look their best with a lush garden out front.
However, the downside to this is that there’s higher competition for top properties along with higher prices to contend with.
You’re more likely to find yourself in a bidding war in the summer than you would at other times of year.
Dry weather may also hide moisture problems that would be more apparent in the winter.
Autumn
Autumn can present an ideal opportunity both for buyers and sellers.
Ideally, buyers should start researching the market beginning in spring, to see how house prices change over time.
Watching house sales allows you to get a good feeling for the best buys in your area, leaving room for negotiation.
As the buying frenzy of summer dies down, you may be left with better prices and less competition before the slower winter market.
Autumn is also a good time to sell, with lingering sunshine and buyers who are ready to move.
It’s possible to conduct a favourable real estate transaction at any time of year, provided that you take the particulars of the season into account.
