Despite the fact that, as Canadians, we should feel comfortable doing just about anything in the dead of winter, there’s something about home sales in the snow that seem to turn off buyers and sellers. However, you’re actually being a little short-sighted if you believe this.
Spring is great if you want to fight with more competition, but if you want to be a little more seller savvy, the winter is the time to hit those buyers when inventories are low. As a buyer, you’ll also face less competition and avoid those nasty, tiresome bidding wars that can interfere with getting your dream home. Here are some advantages to the Toronto housing market in the dead of winter whether you are buying or selling:
As a seller, the winter months will definitely see a reduction in the number of homes available for sale in Toronto. As a seller, this is great news. You’ll be less worried about presenting your home to keep up with the family down the street and reap the benefits of having the best house in the area. This could get you a better price thanks to the laws of supply and demand.
As a buyer, you will have fewer homes to choose from which means you might not find exactly what you want. You may find some sellers are looking for more money if they’re not desperate to sell but instead are taking advantage of the inventory angle. Of course, you can also be in the driver’s seat if they aren’t getting as many offers as they hoped.
No Bidding Wars
While in the summer there are plenty of buyers chomping at the bit to buy your home, you’ll not likely see that in the winter. That means you could miss out on a bidding war that can really bump up your price. However, again if you are in a highly desirable area the shortage of inventory in Toronto real estate at this time of year could still work in your favour if you happen to attract desperate buyers who are having trouble finding something in the winter.
But as a buyer, knowing that there are fewer homes on the market, there’s also fewer buyers. This reduces your competition and helps you avoid the dreaded bidding war scenario and exorbitant home prices. As one of the few willing to brave the cold and consider buying a home when the rest of the city has visions of sugar plums dancing in their heads, you will be a sought-after commodity in a frigid and unwelcoming environment.
First-time buyers can be primed to take advantage of incoming windfalls like Christmas bonuses or income tax returns to put down more when you buy in the winter. By the time summer rolls around you know that money will be spent.
Overall, there is much to be said about buying or selling a home in the winter housing market. Other than sellers having to worry about wet boots trudging through their homes and buyers having to do the trudging, it could be the very best time for a real estate transaction.