When is the best time to buy or sell a property?
Every region has their own real estate season and in my area of Toronto, the month that has the highest activity level and highest prices has almost consistently been the month of April. So does that make it the best time to buy? Maybe–maybe not. In April you have a lot of competition, many other properties are for sale. Depending on the number of buyers for your product, you may suffer due to the high supply levels. Some buyers wait to purchase in April thinking they will have more to choose from. Will your home be “the one” or will it be put on a list with many other properties?
Some sellers take advantage of low inventory levels and sell over Christmas and New Year’s Eve, for example. Many people prefer to take their homes off the market at that time of year and we see plummeting inventory levels, but many buyers have the time to shop for a home over the holidays and will snatch up just about anything that is available.
People sell for many reasons, regardless of the season or real estate market trends. If you have to buy and sell at the same time, trying to time it all can drive you bonkers! The best answer I can give for this question is, the best time to buy is when you are ready! Is your family growing, or kids moving out, or work situation changing? Then it may just be the perfect time to make your real estate move.
Is a home inspection always necessary
Having a home inspector walk you through your home and point out important features like the water shut off valve, point out how the downspouts are too close and may cause a leaky basement and 2 hours worth of similar information is invaluable for many people. A practiced eye can detect moisture damage and electrical issues, can identify toxic insulation in your attic. It is almost always preferred to have an inspection, but in some cases you may find yourself in a situation where you just don’t have time to get one and you have to make a decision on a house. In the areas where this is likely wise home sellers may choose to have a pre-sale home inspection completed and make the report available to potential buyers. Without it, sellers run the risk of losing a buyer or three. With a pre-sale home inspection buyers feel a bit more confident in what they are bidding on, and know how much to bid.
Most buyers are working with a licensed realtor and will learn of the new listing with plenty of time to perform their own due diligence before the offer date. It is quite common for buyers to have a home inspection performed before they offer. They don’t own it yet, and may fail to win in competition, but they feel the $500 was well worth the investment. Some buyers pay for more than one home inspection by the time they are successful in bidding wars.
Many people say to not buy home that needs a new furnace or roof… what’s your advice?
One way or another the seller is paying for it anyway. The selling price will reflect the condition of the mechanicals as well as location, size and so on. And let’s face it, at some point you will buy a new furnace or roof as a home owner, so why let that frighten you away from a perfectly good home? When you calculate how insignificant the cost of a new roof or furnace is compared to the price of the house, you may see that it really is a no brainer.