It is no surprise that the majority of home buyers tend to purchase a home during the Spring and Summer months, however, there is certainly a winter Real Estate market. The London St. Thomas Association of Realtors recently released statistical data revealing that there were 475 homes sales in January 2015. The local Real Estate board statistics shown on the graph below indicate that the majority of London home buyers tend to purchase homes between the months of April and July, however; home buyers should consider that there are many pros to purchasing a home during the winter months.
Buying a home in the winter can make good sense as there may be more motivated sellers as many home sellers that list in the winter months “have to sell” rather than “wish to sell” for reasons such as work relocation. Winter months tend to sway the scales in favours of buyers resulting in more of a buyers market. You may find a larger window of negotiation with these winter home sellers and could get a great deal on a property.
During the winter months there are typically less potential buyers looking for a home and therefore, may experience less competition when making an offer on a home. Buyers are more likely to avoid competing on a property and paying over asking price when purchasing in the winter. This past Spring found several of our buyers in a multiple offer situations where some of them lost out on a home they wanted while others had to pay more than the asking price to win the bidding war.
Although it is true that you might not be able to see the backyard at it’s prime, you will however, be able to feel drafts, test the heating system and check for icicles along the roof line of the home to see a visual indication of heat loss.
Regardless of the season, there are always great homes on the market and the Leading London Team is ready to assist home buyers in finding the home that is just right. Contact Mike & Sarah to start the process of purchasing your next home.
