While spring is renowned as the time that sellers dust off their properties and place them on the market, this doesn’t mean it is necessarily the best time for buyers to go shopping.
One of the biggest issues with shopping in spring is the flood of other buyers looking to snag their dream homes, which increases competition and housing prices. There may be more properties on the market, but there’s just as many additional buyers.
“There is typically a seasonal uplift in buyer numbers over the last quarter of the year, which means the benefits of a higher number of options to choose from are offset by a higher number of prospective buyers,” explains CoreLogic RP Data’s Tim Lawless.
Buyers may be better off when there are fewer buyers around in the winter months, at least from the perspective of being able to negotiate hard on price. Also you will be seeing the property in it’s darkest coldest time, leaving you with no nasty surprises come winter time.
Although there is a lot more to look at during spring, there isn’t necessarily more to choose from, depending on your individual circumstances and finances. As there are more buyers in the market you risk finding that perfect house only to have it snatched away from you buy higher offers.
It may be just as beneficial for buyers to look around during slower months, as this will give them more time to consider properties, more time to negotiate and more time to organise their loans.
“Seasonal factors will always play a part in the dynamic of the housing market, but so too do other factors that are harder to anticipate such as changes in the regulatory framework that might make obtaining finance easier or harder, changes to economic circumstances or other things that can be absolutely unexpected,” Lawless says.
Taking all of this into consideration, the best time to buy is as varied as the people looking. It is a good idea to assess what’s most important to you before following the crowd.
“Buyers are probably best positioned to use the timing that works best for them and their budgets rather than waiting for a particular time of the season where conditions might be more or less favourable,” Lawless says.
Before you hit the open home circuit, speak to Chris about how to finance your property purchase and when is the best time for you to look at purchasing. Pre approval is an easy process so you are ready to go when you find your ideal property, contact Chris now on 0434 449 455 or email firstname.lastname@example.org