Real Talk!

It’s not unusual for a Realtor ® to be asked the question “when is the best time to buy?”

Many times, the person asking has some convoluted theory about market prices. Some people believe that they will get a better price on a seasonal cottage late in the autumn- the theory being that the owner won’t want the worry or expense of carrying it, over the winter. Others believe that the “right” time to buy a seasonal cottage is very early in the spring, when the owner won’t want the worry or expense of “opening” the cottage for the season.

And there are other “theories”. They don’t necessarily make sense to me, either, but then, I’ve done the number crunching. With access to the MLS statistics (which are fairly accurate), I have been able to track the busy months and the average price per month, for a number of years. Truth be known, the busiest months (meaning, greatest number of properties sold) used to be April and October. In recent years, that trend has gone out the window and there is no obvious pattern in the number of sales.

The same can be said for “Listings”… there is no longer any particular time of year that correlates to the number of listings signed up for any particular type of property. Still, some Buyers opt to wait and see what else will come up for sale. I have a database full of prospective Buyers who have been waiting for a long time. Prices have gone up- but then, their expectations had obviously exceeded what has been available. So I never push.
Why would I? I just said that there is no pattern or program for when someone would/should/could buy!

There are so many factors that influence the real estate market that it is nearly impossible to categorically define the “right time to buy”. If, as a Buyer, you define “the right time” as being an opportunity to pick up a “real deal” monetarily, then you should look at issues of economy, such as employment rates, interest rates and business shutdowns will have an effect on the local market- just remember, it is no secret that most Realtors ® will use statistics and comparable property sales in order to determine their opinion of the “Market Value” for a home and along with the current state of repair, matters of the economy have also usually been taken into account when determining a listing price. Weather or season related market fluctuations might occur, but with the number of year-round activities available in this area, that is seldom a concern.

The rationale for the Seller selling and the rationale for the Buyer buying are more often significant factors, in my opinion, that dictate when it’s the “right time” to buy or sell. Almost always, the purchase or sale of a property has emotional roots. A Seller may have to sell, due to job relocation or a financial or lifestyle decision. Sometimes, there has been a significant change in the family, a birth or death, divorce, separation or marriage. In some cases, Sellers may opt to price their property below estimated Market Value, in order to secure a quick sale.

Personally, I have found that while most Buyers say they want “a good deal”- this usually boils down to a/ Getting a property they really love and b/ Securing an agreement for sale at a price they are comfortable with and can afford. No matter how inexpensive a property may appear it may not be desirable in the eyes of Buyers- so it can’t just be about the money. Generally speaking, there is a market for everything and everyone- but, regardless of the “deal”- some Buyers just want a lush lawn and others, to have natural forest.

Okay… so, I’ll stop beating around the bush here (pardon the pun) and put it in the simplest terms that I am able. If you ask me, the right time or “best time” to buy, is when you find something that you love and it happens to be for sale. Then, with the help of a competent Realtor®, you hammer out an Agreement with terms that satisfy both you and the Seller AND you’ve agreed upon a price that makes everyone feel kind of friendly and comfortable. Then, I’d have to say- you really have made a “good deal”.