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Follow @bokauffmannBest time to buy a house or condo?
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credit to ted.sali's photostream on flickr
A common question among prospective home buyers is “when is the best time to buy a house”? Keeping in mind our HOT Winnipeg real estate market, my (tongue-in-cheek) reply is “4 years ago“. But since we don’t have a time-machine, and are forced to deal with the current reality, lets look at some realistic answers:
How about the spring-time?
While there are usually a flood of listings in the spring, this is also the most popular time for buyers. After a long winter, home buyers come out to buy a home for early summer possession. This means that there is usually a competition for the available homes.
So perhaps the middle of summer?
This used to be a case. Most buyers take a break from home-shopping in the middle of summer, instead heading on vacation, the lake etc etc. I have found there are 2 types of home-buyers: Those who want a home, and those who really really want a home. While in the spring time, both groups come out to look and shop, the second ground (the one who really really wants or needs a home) comes out all year long. So where a home might receive 10 offers in May, it may only receive 3 in July, but those 3 are the really serious buyers.
Add to this the fact that there are generally fewer listings to choose from, and the end result is pretty much the same.
In the fall-time we usually see an increase in activity once again, as buyers want to get a home before christmas. I see the fall market as a smaller version of the spring market: more listings, but also more buyers.
So what then is the answer to the question: I have found that perseverance pay off. Don’t give up, just because you lost 2 or 3 offers. Many times I have had a buyer say “This is my last attempt” ….and then get the house they wanted.
You may also be rewarded by occasional ‘blips’ in the market: perhaps a listing has been just slightly overpriced, or a poor-weather weekend has kept other buyers away from the showings. Any number of things can happen, but if you don’t try, you won’t succeed.
Perhaps the worst advice has been to wait until the market cools down: I’ve known buyers who gave up their search for a home a couple of years ago. The homes which sold for $180,000 at that time are now commanding $250,000 plus…
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