Looking to purchase a new home in Barrie? Not sure when is the best time to buy? Although the weather may not be ideal, you may be surprised to learn that the winter season is actually the best time to purchase a home.
Although spring is typically thought of as real estate season, winter actually offers buyers a lot of perks and advantages. Although there may not be as much inventory available in the winter months, individuals who have put their house up for sale tend at this time to be a little more motivated and eager to sell. As a result, you may be able to successfully secure your dream home with a lower offer.
Whether inspired by post-holiday credit card bills or not, it’s also been found that sellers are more open to negotiation in the winter months as compared to the spring and summer. This means that even though your initial offer may not be accepted, sellers may be more open to counteroffers and continuing to work together to arrive at a mutually beneficial deal.
Other Factors That Influence the Right Time to Buy
The time of year is, of course, just one piece of the entire puzzle when it comes to determining the right time to buy a home. There are many other additional factors that come into play when deciding when the right time to buy is. Here are a few other factors that also influence the right time to purchase for you and your family:
- Desire to feel settled
Buying and moving into a new home is not just about the finances. There is also an emotional component that comes with choosing a new neighbourhood and community and settling into your new place. If feeling rooted and settled is important to you, it may be best to move ahead with your search without waiting until the perfect time of year to buy.
- Financial readiness
Financial readiness is another major factor in your decision to purchase a new home.
Although you may have been pre-approved for your mortgage, it’s also important to consider the additional costs that come with home ownership, the amount of debt you carry, as well as your ability to handle your mortgage if an unexpected surprise were to occur like a plumbing leak or even a job loss.
- New mortgage rules
New, more stringent mortgage rules coming into effect Jan 1st could also have some impact on your real estate timing. According to the new guidelines, even individuals with a down payment of 20 percent will need to complete a stress test in order to prove that would be able to financially handle a substantial increase in interest rates.
Planning on reaping the benefits of buying a home in Barrie this January? When it comes to your financing, a professional mortgage broker can also help you take advantage by working with a large network of lenders in order to help you secure the lowest rate and the best mortgage plan for you. Email or call me today at 705-315-0516 to learn more about my services and how I can assist you.