Is it time to buy a house? If so, congratulations! This likely means you’ve saved for a while, worked on that credit rating, and discussed with a mortgage specialist. Once you’re ready financially you’ll start first by looking/researching different neighborhoods, then going to a few open houses. Eventually, you may even end up with a real estate agent. At this point you will be educated about the market and your own personal preferences – this should lead to a well thought out purchase.
The timeline of events (deciding to buy writing an offer) normally takes about 2 – 5 months from start to finish. Knowing this, does buying in the summer or winter change the quality or location of the house you end up in? Should you wait till a certain time of the year to start this process?
Edmonton winters are harsh. During our winters you won’t see the same supply of houses to choose from. It’s harder to display all the value-add benefits of your house when your garden or beautiful back porch is covered in snow. Showing the house is brutal as well, having to leave during showings in the snow isn’t worth it for a lot of sellers. There are countless reasons why you don’t want to sell your house during the winter. There’s usually less homes on the market but more importantly, the homes that are on the market are usually there because the seller needs to sell.
So, what does buying a house in the winter mean?
Buying in the winter means you may get more bang for your buck, but you may not see everything your neighborhoods of choice have to offer. A lot of the nicer houses in the neighborhoods with unhurried sellers could be waiting for the spring.
Spring & Summer! When Edmonton comes alive so does our Real Estate market! The spring will see a huge influx of homes for sale as well as new buyers. Like sellers in the winter buyers do not want to go view houses nor do they want to move their belongings into a new house during the cold dark winter months. In the spring and summer you will see some of the best homes each neighborhood has to offer; you’ll also feel the pressure of competition – you may even see the house of your dreams slip from your hands when another buyer offers on it first.
What happens to Edmonton Real Estate in the Spring & Summer?
Edmonton becomes incredibly competitive – you’ll see some beautiful homes hit the market, but you better be ready to pay as your negotiating power is lessened by the increased buyer competition.
The moral of the story? Are you looking for your forever home or an investment property? This may be the first question you need to ask yourself. Once you know your objective you can decide how you want to play Edmonton’s yearly Real Estate cycle!
If you have any questions about buying or selling real estate reach out to me! My names Logan Patterson 780-902-1856