The top 4 factors that favour home buying in the fall
(Reading time: 2:30)
Cozy weather, colourful foliage, pumpkin spice—there are many perks to the fall season.
It also happens to be a great time of year to purchase a new home.
We know what you’re thinking. It’s not that far into the school year and you’re barely moved into your classroom. The last thing on your mind is packing up and moving house.
However, timing, as they say, is everything—especially if you’re a first time homebuyer.
With interest rates still relatively low and prices continuing to climb, it’s important to give yourself a home-buying advantage, any way you can.
While rates and prices may be out of your control, fall can still favour homebuyers in the following 4 ways:
1. Fall has a tendency to see more motivated sellers
Historically, spring and summer tends to see the most activity when it comes to buying/selling a home. Fall, on the other hand, typically brings a slow down. This means sellers are usually more receptive to negotiating, since most of them want to sell (and close) before the snow flies.
2. Fewer bidding wars
Losing out on a home because someone else gave a higher offer is never the ideal outcome. Yet in many Canadian housing markets, bidding wars have become the new norm. That’s where fall can increase your chances of an offer going through. With less people buying homes this time of year, fewer homebuyers will be chomping at the ‘bid’ (pardon the pun) to compete with your offer.
Tip: Save yourself time during the fall home-buying process by getting a mortgage pre-approval. This will put you in the position to be more confident about making your offer when you see a property you like.
3. Uncovering hidden issues
Warmer seasons can hide potential issues with a home that may only appear once the weather cools off (such as drafts due to heat loss around doors, windows, attic, etc.). In the fall, you’ll have a better chance at catching these problems—giving you the bargaining power to negotiate the cost of any repairs into the sale price.
Tip: Evenings are the best time of day to book a viewing, since that’s when fall temperatures tends to be at their coolest (increasing your chances of spotting any issues with heating, insulation, etc.).
4. Lower moving rates
Demand for movers is naturally at its peak (and most expensive) during the summer. In the fall, however, you’re more likely to get your preferred moving date, time, and price—as this is generally their off-season.
Curious as to how much mortgage you can afford? Find out by using our handy mortgage calculator.
Are you thinking about making a fall home purchase? Take advantage of our educator-specific mortgage advice and rates.
Whether you’re shopping around to finance your first property, or are looking to renew/refinance your existing mortgage—reach out to Educators Financial Group. No matter where you are on the pay grid, or what your pension income is in retirement, we can offer you the borrowing solution that fits with your specific needs and budget.
Check out articles in our ‘Home-buying 101’ series, including:
- A purchaser’s guide to buying in a seller’s market
- What NOT to do when it comes to home buying
- Uncovering the hidden costs of buying
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