WHEN IS THE BEST TIME TO BUY A HOME
Planning on buying a home? Then you might be wondering when is the right time to buy. To help you decide, here is a guide for you:
Different factors play into the perfect timing in buying a home and these affect what buyers look for in choosing a home—the price. Let’s look into those factors:
Seasons
The weather can have an impact on property prices.
- Dry Season. The months of April to November gives Cairns warm and dry weather. Most people go out on open houses and inspections because of the good weather. This signifies high demand, which leads to higher property prices.
- Spring. This season is dubbed as the busiest time for property sellers. More people check out houses in this season because of their desire to settle in their new home before summer vacation starts. With the high demand and high volume of mortgage, property prices are higher.
- Summer. This season offers a good backdrop for sellers, for the sunshine and good weather can lure in buyers to properties that have extras such as a swimming pool or a garden. Because of the high demand, properties will have a higher price but could be offset by variation of properties to choose from.
- Wet Season. On the other hand, December to March gives Cairns tropical cyclones and monsoons. It will be hard to inspect homes because of the bad weather. Because of this, the property market has lower demand and lower property prices.
- Autumn. This season marks the dwindle of house-buying frenzy. Because of this, prices will come down. However, there might be fewer properties up on the market as sellers usually wait for the hot market to get the highest price as possible. But buyers can use this time to contact and negotiate with sellers.
- Winter. This season gives buyers a chance to cop a property for a low price due to low demand and lack of competition. This also means that vendors are more willing to negotiate and compromise with buyers. However, a slow market means lower number of properties available, which might be a downside for other buyers.
Market situations
The following are also important to consider before deciding to buy a property. You can check listing data and consult a real estate agent for help.
- Current Market Activity. There might be a mismatch in the supply and demand cycle at the moment, so check first before doing a purchase.
- Broader Market. Property prices might also be affected by other factors outside the property market, such as the country and even the world’s economic outlook.
While different time periods mean different things when it comes to property prices, sometimes you can’t follow them because of life priorities. Because of this, remember to do the following:
- Get a good real estate agent to guide you. Get someone knowledgeable in the area you want to move into, a good communicator and negotiator. Having a good agent by your side will help you find your dream home fast!
- Research the property thoroughly. Check for amenities nearby. Ask around the property’s neighbourhood about rates and insurance prices and the like. Find out why the vendors are selling their home—this way, you and your agent can devise a game plan on how you can get the property.
- Get the home inspected. Before anything else, make sure that the home is structurally sound and free of pests. Getting a home and pest inspection will ensure that.
There is a lot to consider before you can buy a home but it all boils down to your needs, priorities, and budget. Happy house hunting! If you need more property-buying advice, you can always drop a message.
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