Spring is often considered peak ‘home buying season’ as many Canadians look to purchase or sell a house. Typically, this season runs from spring to early fall, with the busiest months being April through June. During this time, there are more homes for sale, and more buyers in the market, which can also mean more competition.
If you are looking to buy during this time, you will want to be prepared. Read on for an expert guide on how to navigate and succeed in purchasing your dream home.
Why is this time of year so popular?
A few different factors play into the demand and market for houses during the late spring and early summer. They include:
- An increase of listings on the market for buyers to choose from. People house shopping during the winter months may find themselves with less inventory to pick from.
- For families, this time of year is opportune for moving without disrupting children during the school year. Many families with children want to move during the summer months so they can settle in before the new school year begins.
- Warm weather makes for an easier move as opposed to the wintertime.
- Houses often show better in the spring due to the green grass, and the buyers get to really see the home in its element.
Like picking the right kind of mortgage, buyers should also choose the right time of year to buy for them. While a spring mortgage may make sense for one person, a fall mortgage might be a better fit for someone else.
“No matter the season, your Westoba Mortgage Specialist will match you with a mortgage solution tailored to your needs, so you can move into your new house knowing you made the right decision,” says Patti McEvoy, Branch Manager at Westoba’s 1st & McTavish branch in Brandon.
Tips for successfully buying during the home buying season
1. Get pre-approved for a mortgage
Getting pre-approved for a mortgage gives you an idea of how much you can afford to spend on a home and shows sellers that you’re a serious buyer. It also helps you narrow your search to homes within your budget, saving you time and energy. By having your financing in order, you’ll be ready to make an offer on a home as soon as you find one that meets your needs. Getting pre-approved for a mortgage is easy – fill out our online application to get started.
2. Have your finances in order
This means having a solid understanding of your budget, your credit score, and your debt-to-income ratio. Our Financial Advisors can walk you through this process to give you a better understanding of where you are financially before you start looking for your dream home.
3. Set your priorities
When buying a home, it is important to set your priorities to ensure that you find a home that meets your needs and fits within your budget. Make a list of must-haves: start by making a list of features that are non-negotiable for your new home. This could include things like the number of bedrooms, location, or a specific type of layout.
4. Work with a real estate agent
A good real estate agent can be invaluable during the mortgage season. They can help you navigate the local housing market, find homes that meet your needs, and negotiate on your behalf.
5. Be flexible
During this season, homes can sell quickly. If you are set on a specific neighbourhood or type of home, you may need to be flexible with your expectations to find something that meets your needs. You may not find a home that meets all your must-haves, but you may find one that meets most of them and has other features you love.
6. Do your research
Before making an offer on a home, make sure you’ve done your due diligence. This means researching the neighbourhood, the local real estate market, and any potential issues with the home itself. When you are ready to make an offer on a house, this also means hiring a home inspector to help you to gain more knowledge about the home and help you avoid any surprises in the future.
7. Be prepared to act fast
If you find a home you love, don’t wait too long to make an offer. In a competitive market, homes can sell within days or even hours of being listed. Getting pre-approved will help you make an offer and get your dream home as quickly as possible.
Buying a home during peak home buying season can be stressful, but no matter when you are buying, it is important to work with a mortgage specialist who can help you navigate the process and find a mortgage tailored to your needs. Contact us today to start your home buying journey.
