24 Nov Market Notes: Should I buy a house in December or January?
Late November is always an interesting month for real estate in Toronto. The inventory begins to dwindle and buyers shift their focus to winter vacation and the holidays. Moving over the holidays or a ‘shoulder’ season can be tricky, especially if you need to sell as well as buy.
Preferably, you would like to sell your home in a more active market like spring, not in January. Unless you can get a very long closing on the property you are buying, you are likely not selling your home in optimal market conditions.
So if you need to sell your home to fund the next one, should you seriously be considering buying right now? If the right property pops up, the short answer is yes. There is less competition right now and you may be able to offset potential cash you leave on the table when selling, by getting a better price on the property you purchase today. If you are selling a condo, I would also be a bit less concerned as the pool of buyers is larger. Timing a vacation while you have your home on the market is also convenient, just be back for offer night. Additional marketing of a strong sale strategy will also help.
Right now, I am looking for deals. I see more price reductions this time of year and more motivated sellers. If the house is holding offers, you may get lucky on offer night, as some buyers are less motivated to compete. If you are an investor, renting, or flexible over the holidays, the next three or four weeks may work in your favour.
-Nick, Nov. 23/2018
Feel free to contact me for more specific advice on buying or selling downtown.
Nick@livingdifferent.ca – cell/text – 416-890-6126