Thornhill is considered a thriving upscale community filled with modern detached homes and carefully landscaped lawns. Its child-friendly, middle- and upper-class neighborhoods offer residents great community amenities and places to bond with the family. It is an ideal place for families to get settled in and create wonderful memories.
No wonder, a lot of people want to invest and are looking to buy a house in Thornhill. But is there a best time to shop for a home in Thornhill? In real estate, it’s not all about location. It’s also about TIMING.
Generally, the best time to buy a house in Thornhill is during the month of September when the average property prices are at its lowest, the summer season is about to end, and home sellers are extremely motivated to sell their properties before the year ends.
However, considering the current situation where a global pandemic is currently happening, if you have been planning of buying a home in Thornhill, the best time to buy a home is now.
How does the average price of a home in Thornhill change in each season?
Based on April 2019 to March 2020 average property prices in Thornhill Real Estate Trends, average property prices are highest during winter and spring seasons and lowest during the end of summer.
Spring (March 20 to June 20)
Average property prices are high during this season, ranging from $860,000 to $700,000, especially during March until mid-April.
Summer (June 21 to September 21)
Average property prices are lowest during this season with prices ranging from $700,000 to $633,000, especially during September.
Fall/Autumn (September 22 to December 20)
Average property prices are starting to rise steadily during this season, with prices ranging from a bottom low of $633,000 in September to around $800,000 in October and dropping to around $700,000 in December.
Winter (December 21 to March 19)
Average property prices range from $700,000 to almost $900,000, with a peak in February.
What are the pros and cons of buying a house in each season?
Aside from the changing prices of property as seasons vary, there are other advantages and disadvantages in each season that you might need to consider.
Pros and Cons When Buying a House During Spring
Spring is the most popular time for house hunting since the weather is most convenient for both buyers and sellers. However, since there is a lot of real estate activity during springtime, it’s usual to see high-quality homes listed at market-rate prices. If you’re a buyer who’s looking for a lot of choices and is keen on buying a house with the best quality, this is an advantage. But with a lot of interested buyers, home sellers are least likely to provide much wiggle room for bargaining. If you’re looking to buy a home on a limited budget, this might be a disadvantage.
Pros and Cons When Buying a House During Summer
During summer, homes that were listed early in the spring and have not sold may have decreased prices. Sellers may be more likely to compromise on price now. This is an advantage if you’re looking to buy a home with a limited budget. However, one disadvantage could be fewer choices and options.
Pros and Cons When Buying a House During Fall
During the fall, the real estate market starts to slow down. Families with children in school who were considering selling their homes may put it on hold since the timing is no longer ideal. This can be an advantage for buyers because there might be fewer crowds at open houses and they would have an easier time getting into showings for listed real estate.
But then again, it could mean fewer choices and options for a high-quality house. Prices usually also drop during fall and home sellers can become extremely motivated to sell their homes before the end of the year, allowing you the advantage of getting a good bargain.
Pros and Cons When Buying a House During Winter
Wintertime is the most inconvenient time to sell and buy a property. Fewer people list their homes which translates to fewer choices for buyers. Those who put their houses on the market in wintertime tend to do so because they need to sell their home urgently and they cannot wait for an ideal real estate market. This can prove to be an advantage for buyers to get a great deal for a low price. A disadvantage though is that homes on the market during winter may be in fair condition and might require a lot of repairs.
What other factors do you need to consider in buying a house aside from the location, timing, and price?
In addition to looking for the ideal location, knowing the perfect timing and getting the most out of your hard-earned cash, you might also need to consider the following:
1.The size of the lot
This may or may not matter to you, depending on your priorities. If you want a spacious lawn where family gathering can be held and where children can play around, you might be looking for a bigger sized lot. It can also give you more room for future house expansion projects as your family grows.
The size and shape of the lot can also affect the price of the property. For instance, corner lots are usually priced higher than inner lots, while irregularly-shaped lots are less pricey than properties on rectangular-shaped lots.
2.Number of bedrooms and bathrooms
The number of bedrooms and bathrooms is another important factor to consider when buying a house. It might be possible that the one-bathroom house is built upon a spacious lot and within your budget, but if you’re a family of five with teens and school-aged kids, this might be a huge inconvenience later on. Knowing beforehand the appropriate number of rooms and bathrooms you will need can help you make a better decision and narrow down your choices when there’s a lot on the market.
The kitchen layout is also another factor to consider when buying a house, especially if your family prefers daily home-cooked meals. Depending on your needs, you might want to have a home with up-to-date kitchen appliances and fixtures, with plenty of storage spaces. If you usually dine out, then you won’t mind a typical kitchen and be able to spend more on the things that you really need.
4.Age and condition of the house and its appliances
The age and condition of the house and its appliances is also an important factor to consider when looking to buy a house. While an older house with dated appliances could initially be bought at a cheaper price, you might find later on that it is actually more expensive because you will need to update the appliances and spend more on home repairs. However, if you don’t mind DIY home improvement projects and find redesigning a hobby, then you could use this as a bargaining chip to buy a house with a lot of potential for a very cheap price.
5.Seller’s incentive to sell
Finally, knowing the seller’s incentive to sell can help you to identify which properties can be bought at a bargain and which ones have lesser wiggle room on the price. Some sellers place their homes on the market but do not actually need to sell it urgently. Their main priority is to sell it for the highest offer possible.
Other sellers, however, are highly motivated to sell. A family whose main bread-winner is up for a job relocation and need to move out of state, or someone paying two mortgages and wanting to sell and get back to only one payment, would want to sell their property as soon as possible and might be more flexible and amenable to price negotiations.
Do you have more questions about the real estate market in the Crestwood-Springfarm-Yorkhill area? For your real estate needs, call me, Sol Kahane, at 416-576-6656.