It’s not a surprise that the housing market constantly fluctuates throughout the year. For instance, the market during the fall is different from the one in summer. That’s because house hunting during the fall is less competitive, making more affordable houses available. But interestingly, not everyone knows the reason for these fluctuations in the housing market. So, keep reading to learn about why seasons matter so much in real estate.
Knowing why this happens can help people looking for houses make more strategic plans. With a solid knowledge of the housing market and the reasons for the fluctuations, they know when to get their dream houses. It also helps them work within their budget when house hunting. However, house buyers may still need to hire the best realtor in Victoria BC, Brad MacLaren. That way, they can be sure they’re getting the best deals in the area.
Understanding Your Local Real Estate Market
As stated above, understanding the real estate market is essential. That’s because seasonality influences a large part of the housing market. It affects things such as housing availability, prices, and deal rate. The wrong timing can break a home buyer, while the right timing can be very profitable. However, to take advantage of this seasonal trend, people must know their local real estate market. They must know the best and worst months to buy or sell a house and must also be willing to do their research or even work with experienced realtors.
Most importantly, however, they must know the causes of the fluctuation in the market. For instance, hot-weather destinations like Arizona and Florida experience an influx of people during the winter. That’s because the weather in these areas tends to be warmer, making housing costs more expensive than in areas with cooler weather.
Key Factors That Affect Seasonality
There are several factors that affect the seasonality of the housing market. As stated above, weather patterns are the biggest factors. However, seasonality is not restricted to weather. In fact, there are several nationwide factors that influence the demand and supply of every real estate market. This includes:
- The School Year
- Holidays (which may vary by locality)
These things affect the real estate market significantly. Typically, it’s rare to see parents move their family in the middle of the school year. If they have to move, they wait until the school year is over. This implies that people move more during the holidays than during the school year. The implication of this is that the market is often busier during the holidays than during the school year. That makes housing more expensive in areas with a higher influx of people during holidays than those with more people leaving.
Are you in need of an apartment in Victoria BC? Do you want to know the best time of the year to get affordable homes in the area? Contact Brad MacLaren, the top realtor in Victoria BC, today. Brad is a reliable realtor who understands the local real estate market and will help you get what you want. Also consider viewing our stunning Featured Listings Page.