Let’s be honest, February is sort of a nothing month.
The hustle and bustle of the holidays are officially over and you’re still a few months out from spring. In most cases, you’re hibernating inside your bedroom and binge-watching Grace and Frankie on Netflix.
Sound familiar? Us too.
But, what if we told you that February is the go-to month for crushing your real estate goals? As it turns out, February is one of the best months of the year to purchase a home and strike a fire-hot deal.
Shall we go on?
It’s safe to say that the real estate market can tend to shut down during the holidays. Sure, there are still homes being listed for sale and it’s a great opportunity to find yourself a deal. But, the truth is, inventory can tend to be limited.
This lack of inventory does often creep into January and only starts to get better at the beginning of February. So, this means that inventory is increasing and yet bidding wars are not as prevalent as they will be in the following month.
So, more properties available but with less buyers? Sounds like a win to us.
When it comes to house shopping in February, there’s one especially significant factor for all buyers to consider.
February is one of the most popular months of the year in which the seller is tied to a strict timeline for their sale. Think about it, if a seller wasn’t motivated to sell their home so quickly, they would have waited until the spring market. After all, the spring market is typically when sellers are known to see the most profit from their sale.
What does this mean for you?
Well, it means that striking a deal in February is absolutely possible. As buyers, you have more buying power on your side than you would in the majority of other months. For example, a seller may list their home for sale in February as they are relocating for work.
In all likelihood, this seller has a strict timeline by which they are looking to sell their home. At the end of the day, they’re going to be more willing to accept a lower priced yet still reasonable bid on their home.
Less Active Buyers
Thinking back, when’s the last time you heard of friends and family searching for a home in February?
Sure, it happens, but it’s certainly not common. In reality, buyers in cold-weather regions tend to hibernate during the colder months. Once the days become longer and the sun begins to shine in March, the buyers slowly begin to come out of hiding.
If you’re not afraid of a little cold, why not begin your property search now? Not only is this going to get your feet wet for the spring market, but you’re going to be bidding against fewer buyers. Once the spring market is in full spring, you’re going to look back with fondness on those cold, lesser-populated February days.
Time to Strap on Your Boots
So, are you ready to get out there and explore before the spring market unfolds?
Remember, the spring market is always a great time to buy a home. After all, this is when you’re going to see the most inventory throughout the entire year. But, this is also when the majority of buyers come out of their ever-so-cozy winter hibernation.
Why not get a head start and begin your property search this February? Do yourself a favour and see what’s out there before the masses come out to play.
Let a Nobul Verified Agent help you find your dream home this month!