The best season to buy a house

Are you in the market for a house? Timing is everything when it comes to getting the best deal possible. Here are some helpful tips to tell you when is the best time to buy a house.

The sun is shining, the snow has melted and the warmer weather has marked the arrival of spring. This is the best time to buy a house, right? Wrong. Sure, the weather conditions are ideal for house hunting but this isn’t the time to get the best deal.

The spring is the most active market and when most deals take place. As this is the busiest time, it also means that prices will likely be at their highest. Yes, you will have more inventory to choose from, but with increased demand, sellers will stay closer to their asking prices.

As a general rule, home prices are at a 12-month low in December. So put on your boots, winter coat and Santa hat and start looking. As a buyer, you will have the least competition during the holiday season as other potential home buyers are busy with family plans or simply turned off by the weather.

As the holidays are a time of good cheer, you might encounter sellers who are more inclined to lower the price. If a person has their house on the market over the holidays, they are likely serious about selling (and negotiating). The actual week of Christmas might seem like an unlikely time to submit an offer but competition will be at a minimum. There are even some real estate agents who will get you into a home and make an offer on Christmas day.

You will likely find the best deals from November to February but you might also try testing the market just before the spring selling season hits. The early bird not only gets the worm, but also the house.

Of course, there is a lot for you to think about.

• Do you have time to wait until a more favourable time to buy?
• Are you starting a new job and need to move your family immediately?
• Are you willing to gamble on interest rates staying low?

A little patience is usually a virtue when it comes to buying a house. However, if you’re buying in the peak spring season, acting quickly might be the only way to get your dream home.

Speak to an experienced real estate agent in your area and get advice for your unique situation. Ask a family member or friend for a referral if you don’t already have an agent. Remember, if you can wait until the snow falls, chances are you will get a better deal.