I know, it’s December, so this blog post probably seems a little self-serving. But the truth of the matter is that December is an EXCELLENT time to buy a home. Here’s why.
- Historically, December is the second slowest month for real estate sales in Toronto (only January is slower). So while that means that there are fewer listings to look at, it also means that there’s way less competition for the houses that are available for sale. A house that may have received 14 offers in September may only receive 3 or 4 in December. I know, that’s still a bidding war, but in Toronto, we take our real estate wins where we can get them.
- A lot of houses don’t get bidding wars in December. Trying to get a bidding war by underpricing your house in hopes that multiple Buyers will want to buy it at the same time is a risky game in December. Sellers are more apt to list a property at what they really want to sell it for, which means you may not have to play any games. Of course that means you’ll need to act fast – good houses are still in demand – but you may not have to pay $200,000 over the asking price to get it.
- Your agent may have more time for you. As more and more Buyers take a break for the holiday season, your agent’s time has likely freed too. Now may be the perfect time to explore neighbourhoods you’ve ignore or get prime time showing appointments!
- You won’t be manipulated by the beautiful gardens that you’ll never be able to maintain. Seeing a yard at its worst – when the trees have no leaves and the ground is covered in that white stuff – means you’ll never be disappointed. Every blooming tree and flower will be a surprise in the spring!
- The Sellers are serious. Sellers who are on the market in December are usually more motivated to sell than those who list in the spring or summer. Spring/summer Sellers may just be trying to test an outrageous price for their home and are hoping the seasonality of the market will get it for them.
- The spring market is just around the corner. The crazy “spring market” in Toronto usually starts in February, so we’re just a few months away from the craziest of the craziest. Avoid that if you can.
- You may find a deal if you can close quickly. Investors looking to sell their properties in their current tax year may be extra motivated if you can close before December 31st.
Thinking of buying in December and don’t know where to start? We’ve got a team of eager agents working throughout the holidays to help you land the home of your dreams!
