“When should I buy a condo?” Should I buy in the fall, or wait until the spring when there are more properties? These questions are often asked by buyers searching for Mississauga condos. Although different Realtors will give different answers, I believe the decision of when to buy really comes down to the individual.
First and foremost, you have to establish your needs, wants and desires when it comes to your dream condo. At the same time, you have to be aware of your budget and the carrying costs associated with owning a condo. Buyers should understand that during the spring and summer seasons there will be more selection of properties available for sale, than during the slow winter months. However, at the same time, this also signifies that there is a higher probability that you will be competing against other potential buyers for a condo of your choice. Do not be alarmed if at times the amount needed to secure your property will be over the asking price. You also need to know that the market is really unpredictable. There is no absolute way to know for certain how many available units there will be, how interest rates will be and how stable the market will be in the future. As a general guide, I encourage buyers to follow these eight points:
Buy in Spring/Summer
– If you are a very picky buyer and know exactly what you want. (Example: Looking for only a high floor unit, 1 +den, north facing celebration square with dark hardwood floors)
– If you like to work under pressure in a fast paced environment
– If you are Ok with paying the full asking price for the property of your dreams
– If you tried shopping around for a condo in the fall and found nothing particular to your taste
Buy in Fall/Winter
– If you have a pretty broad criteria of what you are looking for in a condo (Example: 2 bedroom, 2 bath, under $350,000, clean unit)
– If you do not like to work under pressure and prefer a slower paced environment
– If you feel that you need to pay below asking price regardless of how nice the property is
– If you tried shopping around for a condo in the spring and found there are too many buyers competing against you
Once again, the above points are just a general guide based on my own observations. To answer the question – when is the right time to buy a condo? The best time to buy a condo is when you find the one that you really love. There is no perfect “time of the year” to purchase.
Are you a first time home buyer looking to purchase a condo? Remember our services are free, as the seller pays our commission. Contact us, we would love to hear from you!
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