Photo by Todd Torabi on Unsplash.
It may be a seller's market, but during the month of January, buyers have the advantage. According to Justo Brokerage, late January is the best time of year for Toronto home buyers.
"The conventional wisdom is to wait for the so-called “Spring Season,” when inventory skyrockets," Justo said in a statement. The issue, they continued is that demand also increases in the spring leading to more competition in the form of bidding wars.
According to the Toronto Real Estate Board, January is the second slowest month for new listings. It's also, traditionally, the month with the fewest sales.
All this is good news for potential buyers because it gives them an edge. With the help of Justo, we've compiled three reasons to consider buying this month.
Holiday Debt Lowers The Competition
According to a report from personal finance app Mylo, 38 per cent of millennials started off 2019 in debt and more than half of Canadian millennials could have avoided this debt by cutting back on holiday spending.
Millennials, of course, aren't the only demographic that goes into debt around the holidays so it only makes sense that the pool of buyers shrinks after the holidays.
No One Wants To Move In The Winter... Except Those That Have To
Just look outside and you'll know what we mean. Snow, slush and rain make most people want to stay indoors, not move all their belongings from door to door. Consider that fact that if a seller is listing in the winter, there's probably a reason why they need to move at this miserable time of year. If you're willing to move too, you might be able to score a sweet deal on new digs.
Sellers Tend To Be A Little More Desperate Around This Time Of Year
After December's terrifying home sales figures, many sellers are eager to settle ASAP. As mentioned in the previous point, if a seller is defying conventional wisdom and listing in January, it's likely because they have to offload the property fairly quickly. Be sure to keep this in mind when it comes time to negotiate.