When is the best time to buy a property?
Buying a house is extremely exciting. As you head into the adventure of finding your dream home though, you will have a lot of questions, including when the best time to buy a house really is.
So, is there an ideal time to act? How can you ensure you are getting the best deal?
Getting the timing right
Now, while there is no single best time to buy a house, there certainly are favourable factors to consider when deciding when to start the active hunt. Data from SQM Research indicates there’s a pattern of listing spikes throughout the summer months, whereas approaching winter usually sees a drop in registered properties.
Looking at the merits of each season, autumn can be a great time for buyers as the market cools off. As competition decreases, prices are also not driven up as much.
Something most home buyers forget when looking for their house is the advantage that a search in winter can have.
Warm weather might be more inviting, particularly if you’re a young family, but colder temperatures and rain allow you an insight into how the property is impacted by more extreme conditions. The market is also generally slower during the winter months, which could give you favourable negotiation leverage.
Spring and summer on the other hand entail higher property turnovers, meaning there’s more variety to choose from. This also sees more competition and can drive prices up. On top of that, structural issues can be easily hidden with dry weather, which, if you’re inexperienced or not getting professional advice, may lead to some major repairs down the track.
Making use of the experts
Once you’ve found your dream home, there are still some important things to do before taking the leap. To be sure you know exactly what you’re paying for, as well as avoiding a bad wake up with hidden damages that could cost you, make thorough and professional inspections a priority.
After personally inspecting the place multiple times, it can pay to have a professional building inspection report and pest control. If any faults are found during this process, you might be able to not only negotiate a better price for the property, but it might help conditions for home loans.
Talking to a home loans expert to ensure you get pre-approved can allow you to close a deal on your dream house faster.
So what are you waiting for? Take the first step towards being a proud home owner and get in touch with us today.