'Tis the season for buying property...or is it?

What is the best season for buying property, you ask? This is a common question that is universally asked by buyers, and there are many opinions about it.
There is no right or wrong answer to it. In this article, we look at the pros and cons of buying in different seasons to help you with your purchasing timeframes.

Summer
Pros
• In summer, many families go away on holidays so competition can be less than usual.
• The end and beginning of a year is a good time to settle into a new home and a new area, especially if you have children.
• You can test out the home’s ventilation systems and what it is like in hot weather.
Cons
• Buying a home and moving into it takes time, which may negatively impact your summer holiday and leave you without any ‘true’ time off.
• With summer being a popular time for moving, booking a removalist may be harder and more expensive.

Autumn
Pros
• Autumn has mild weather, so attending open homes is a more pleasant experience.
• Towards the end of autumn, vendors are often likely to be more motivated to sell. They want to get their property off their hands before the cold sets in and fewer buyers come out to play. As such, this may present you with opportunity to secure a better deal.
Cons
• There are fewer listings in autumn so your choice of properties may be limited.
• Summer and the Christmas school holidays are over, so people are more likely to settle into their daily lives, and check out their property options during this time. As such, it means you could face more competition from buyers – specifically first time buyers and investors.

Winter
Pros
• Winter is generally a quieter period in the real estate cycle, so you may face less intense competition from other buyers.
• Sellers listing their property in winter may be more motivated to sell.
• Autumn and spring can hide flaws in a property, but winter lets you truly see how well the property functions in cold weather.
Cons
• Winter is traditionally a quieter period so you will have fewer homes to choose from.
• The colder months can make attending open homes more difficult.

Spring
Pros
• Spring is traditionally the biggest selling season so you will have more properties to choose from.
• 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.

Call Leeanne or Robert in the office on 02 8920 3455, or email leeanne.scott@mortgagechoice.com.au to discuss your options. Be sure to share our blog on Facebook and Twitter and let others join the conversation!

Posted in: Property market

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