Real Estate: Why Buy a Property in Summer? - Key Points
Whether it’s your first experience or a common practice, buying a property often brings along a lot of concerns and uncertainties. Many questions may arise, such as: What is the best season to buy? This recurring question is difficult to answer because each season has its advantages and disadvantages.
Our real estate brokers in Montreal help demystify this question by presenting the key benefits of buying a property during the summer season.
Summer is considered the low season in the real estate market
A myth in real estate is that summer is the peak season for buying, but this is false. In fact, the real estate market is more active in the fall and winter. The high season starts in mid-September and ends in June. Since summer is short in Quebec, people prefer to fully enjoy it and start looking for properties towards the end of the summer season.
This presents a notable advantage of searching for a property during the summer because with fewer potential buyers in the market, you have a better chance of acquiring the desired property at a better price. There would be less competition among buyers and fewer possibilities of bidding wars. You will have a wider choice of available property inventory.
Inspections are facilitated
You have found the property of your dreams. Accompanied by your real estate broker, you have made an offer on the property, and it has been accepted. In the purchase agreement, the purchase of the property is conditional upon an inspection. This is the inspection clause indicating that the buyer must have the building inspected. During this inspection with a building inspector, your real estate broker may uncover concerning elements about the property or shed light on major issues that were not disclosed in the seller’s declaration form. The pre-purchase inspection allows you, as the buyer, to protect yourself before taking the leap into buying your property.
Among the different seasons, summer remains the period that buyers prefer for property inspections. With milder temperatures and increased visibility, the advantages are numerous.
Enhanced visibility
Whether it’s a house, an income property, or even a condo, the exterior structure of the property is an important factor to consider during the inspection. One significant advantage of summer is that there are fewer elements that can hinder visibility, such as snow or ice in winter. Accessibility is also less restricted. In winter, it can be challenging or even impossible to access balconies, terraces, and the roof. Inspecting the roof and the terrain is greatly facilitated during the summer.
Improved accessibility
During a summer inspection, the inspector has better accessibility to the exterior of the property and can examine it with precision. For example, through landscaping, the building inspector will assess the risk of water damage. The water drainage can be checked by evaluating the slopes of the terrain.
Any related structures, such as a swimming pool, must also be inspected to assess their stability. This accessibility is favored in summer.
Access to foundations
Examining the foundations is a crucial step in the inspection process as they represent the building’s base. Due to better visibility of the construction in summer, it is also easier to access the foundations and evaluate their strength.
The moving process goes smoothly during the summer
A significant advantage of buying in the summer is moving under ideal weather conditions. In winter, moving can be accompanied by snowstorms, ice, and significant ice falls. It is necessary to use waterproof protections to safeguard belongings. In summer, the milder temperatures can make the moving process easier and cause less stress. The longer days allow for moving to be completed before nightfall, without any worries.
Summer often coincides with extended school vacations. Moving during the summer also allows families with school-aged children to change neighborhoods without disrupting their school year. If children are changing schools, they will have the summer to familiarize themselves with their new neighborhood and make new friends.
Moving in the summer also means taking advantage of summer vacations to rest once the property is settled, bringing happiness not only to the children but also to the parents.
As observed above, there are numerous advantages to buying a property in summer. The low real estate season allows you to increase your chances of standing out from the competition and acquiring your dream property. Once the property is found and the purchase offer is made, conducting the inspection in summer with your real estate broker and building inspector will be easier. Finally, moving during the summer period will be much more enjoyable than dealing with winter’s unfavorable weather conditions.
Looking to purchase a property? Contact a real estate broker from our team today.
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