Summer, Autumn, Winter, Spring - When to buy a home?

As the weather starts to cool down and we ease into Autumn we ask “What is the best season for buying property”?

There is no right or wrong answer.  We’ll look at the pros and cons to property buying in every season.

Summer

Pros

  • There are generally more people away on holidays so competition at open homes and making offers can be less
  • Due to work schedule and change of job this is generally a time where new careers, schools and relocation occurs.
  • Viewing a property on a hot day will give you a true sense of the efficiency of its cooling systems

Cons

  • Buying, selling and moving is a big job.  It takes time and may erode your summer holiday time
  • Summer and January is a peak time for relocation.  It may difficult or more expensive to book, movers, cleaners and other service people needed to help with the move.

Autumn

Pros

  • Autumn weather is generally beautiful, so going to open homes is a more pleasant, less stressful experience. 
  • Vendors can be more motivated to sell coming into winter.  They may be keen to negotiate on price to sell before winter sets in.

Cons

  • There are fewer listings in autumn.  The selection of homes to view or purchase may be limited
  • As people settle into the routine of their daily lives, there may be more buyers in the market.  More buyer/less stock means more competition – specifically first time buyers and investors.

Winter

Pros

  • Winter is traditionally a quieter period in the real estate cycle.  Less competition from other buyers
  • Sellers listing their property in winter may be more motivated to sell. 
  • Viewing a property on a cold day with shorter days will definitely reveal aspect the property receives in terms of sunlight and if there is adequate insulation or heating for the home

Cons

  • Winter is traditionally a quieter period so you will have fewer homes to choose from. 
  • The colder months can make viewing a little stressful and not such a positive experience

Spring

Pros

  • Springtime is when most people believe the best time to sell is – there will be lots of homes to choose from
  • Gardens are colourful, the sun is shining to homes look more appealing in spring.

Cons

  • You have to be ready to act quickly as you will be competing with a lot of buyers. 
  • You will have less room to negotiate on prices and potentially will have to pay more.

In order to be ready to act a home loan pre approval will put you in the best place to negotiate by private treaty or at auction.  Speak to Mortgage Choice Wynnum to see how simple it can be to put in place.

Tags: AuctionBuyer's MarketBuying A PropertyHome BuyerHousing MarketMortgage BrokerProperty Market

Posted in: Home loans

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