fbpx

Good to Know: The Pros & Cons of Purchasing Property in Winter

If you’re like most, then you have probably thought, or been told, that moving during the winter months is a terrible idea. There are a few reasons why this is so. First, the lack of properties on the market; second, holiday debt; and third, the idea of packing up and moving all of your belongings while it’s -15 degrees celsius outside doesn’t sound appealing. Despite that, a major pro to purchasing a property in the winter months is the ability to make a great deal! 

Let’s look at these in more detail.

Pros Cons Purchasing Property Winter

Lack of Properties

During the holiday season, people’s mindset is generally on smaller purchases as opposed to larger ones. Many small gifts are being bought for friends and family. Also, the focus is shifted from the stress that comes with putting your home on the market or purchasing a property, to spending quality time with loved ones. This typically results in the decision by sellers to pull their properties from the market, meaning less selection for buyers.

Holiday Shopping Eaton Centre Toronto

Holiday Debt

This is the harsh reality that comes with the holiday season. As mentioned above, people are purchasing many small gifts for friends and family that typically leads to increased credit card debt. With January comes the shocking credit card bill, and everyone’s focus shifts to paying that off instead of making a massive property purchase. Of course, this results in a lack of buyers.

Toronto Winter Bench

The (Canadian) Winter Weather

At any time of the year, the idea of moving doesn’t exactly entice excitement. Packing up boxes, cleaning, packing the truck, unpacking and cleaning again is hard work no matter when you decide to do it. If you throw ice-cold air, slushy and slippery roads, and a few polar vortexes in the mix then most people decide to wait until at least the spring to make the move.

Value

Pro - The Potential Value!

Sellers who do not take their properties off the market to wait for spring often need to sell their home and quickly. This is typically because they already purchased another property or need to liquidate. In any case, this gives any buyers who are still in the market the opportunity to find a great property and an edge to negotiate a great price due to lack of competition. This means that if you do find a property that suits your needs (and you don’t need to sell your current home to purchase it), you are in an excellent position to potentially purchase a home at a great value. 

With all that being said, purchasing a property and moving during the winter months is not for the faint of heart. If you are embarking on that challenge, reach out to a PSR Sales Representative to help you through the entire process! Email us at info@psrbrokerage.com

Article by: Kenneth Laroza, Broker of Record, PSR Brokerage

Be Social! 

PSR Facebook 
PSR Twitter
PSR Instagram 
PSR LinkedIn