December and January are the slowest months of the year for residential real estate, and for some people, this makes it the ideal time to seriously hunt for a home and make an offer.
Here are a few reasons why you may want to buy a home this month or in January:
Agents have more free time
Whether you have a real estate agent you always use or you’re looking for someone to work with, December and January are typically slower times for them, so there’s a good chance they will be able to prioritize your home search.
One thing to consider is that because of the slow period, some agents take time off around this time of year, so when you’re discussing your buying plans with potential agents, make sure that they are actually available over the next couple months.
The Greater Toronto Area is known for bidding wars and homes selling for thousands of dollars over asking. In December and January, there are fewer buyers in the market, which means less competition for you. You shouldn’t have to worry about too many other buyers, but you should still be competitive with your offers.
Sellers are ready to make a move
If a home is listed in December or January, it could be because the seller has to sell. There are a number of reasons why someone would have to sell quickly that have nothing to do with the property, like a job offer in a different city or they have debt to pay off. If you are able to close quickly, that’s a bonus. People who list at this time of year usually want the deal done as quickly as possible.
See the home at its worst
When you look at properties in the spring and summer, you see the beautiful gardens, the sunshine filling the living spaces, and the temperature is lovely in and out. In the winter, the skies are grey, the garden is covered in frost, and it’s easier to notice cold spots in the home. If you see a home and you love it in the winter, odds are you’re going to really love it during the other seasons of the year.
One downside to home hunting in December and January is that your selection may be limited. As long as you keep this in mind, and remember all the pros listed above, you just might find your dream home
in the next few weeks!