When buying a house, time spent researching goes a long way to getting the best value you can. Should you buy land or a house and land package? Is Donnybrook an ideal place to live, or is there a more suitable neighbourhood in Victoria?
The most desirable homes may never even make an appearance in the comprehensive guides of estate agents, they might be snapped up before yu ever get to view them. Each season has a different effect on the market, giving you another factor to consider when buying a home.
Estate agents frequently use the idea of a spring rush to tempt buyers with the idea that there are numerous new properties to choose from. Known as the most hectic period for property sellers, it’s the season when buyers want to find new homes before the vacation starts.
Expect plenty of open house inspections, an increase in competition and a temporary boom in prices. The stiff competition causes the phenomenon of “fear of missing out”, or the apprehension that you’re missing out on a rewarding deal, so don’t let the pressure push you into paying more than you should for a particular house.
With longer days of sunshine and the approaching Christmas break, property sellers make the most of the season by showcasing properties with amenities such as gardens and pools. January is a good time to buy a house since you can find bargains on a property that wasn’t purchased before Christmas.
Although there’ll still be some remnant of the Christmas boost in prices, you’ll still have plenty of options. Consider buying during this season if you don’t want to join in the rush of property purchases during the spring.
Autumn means the start of the holidays, and many homebuyers and sellers are likely to be away on vacation. The house-buying frenzy calms down during this season, so there is less competition among buyers. As a result, prices for houses are lower than during spring and summer.
The drawback, though, is that there are potentially fewer properties up on the market. This is because sellers take advantage of the selling season so they can find buyers willing to pay a higher price. You can take this time to discuss prices, as well as stipulations.
This season is the best chance to buy your preferred residence at a lower price. There is less competition, and properties are being sold because sellers want to get a quick sale. As a result, they are more willing to negotiate price and conditions. Naturally, a slower market means there is a limited number of houses to choose from.
Regardless of the season, your dream home can be bought at any time of the year. Plenty of research goes a long way but one cannot completely say that there isn’t an element of luck involved too. Assess the pros and cons of buying during different seasons to get the property you want for a better price. Don’t forget to consider factors such as your financing options, your current lifestyle and your long-term goals.