Most Canadians typically embrace an annual hibernation as temperatures drop in January and February – but you could be missing some great real estate investment opportunities.
December, January and February are known to be the quietest months of the year for real estate activity, as consumers prepare for the holidays and subsequently stay in and pay off their credit cards.
But Ontario-based investor Gillian Irving said there are a lot of deals to be found at this time of year. “When it’s quiet, you want to get out and look at the market,” she said.
Todor Yordanov, an investor and sales representative at Right at Home Realty, said that this January has been different than previous winters. “There is still a shortage of listings, but buyers are out looking and buying despite some cold days,” he added. “The market has not slowed down at all.”
For instance, Yordanov listed a property on January 1 and the phone started ringing the same afternoon. “We had three open houses that were attended by well over 40 people and 30-plus agents brought their clients. All this resulted in six offers just nine days after the property went on the market. The property ended up selling for $66,000 above asking.
“With the new reduced mortgage rate we all expect 2015 to be a very strong market for sellers, and buyers as well,” he continued. “There are still many great properties out there. You just need the right agent to help you navigate through this maze of choices.”
A few weeks ago, CREW wrote about a TheRedPin.com analysis, which found that January 20 is the day for rock-bottom real estate prices, adding that investors and first-time homebuyers should take advantage of the holiday hangover at this time of year.
“Consumers can see as much as a $20,000 discount and business picks up towards the third week of January,” said Rockham Fard, co-founder and chief marketing officer at TheRedPin.com.
“That extra $20,000 could help them with any repairs needed for the property or similar developments.”