Why is NOW the Best Time to Buy a House?
If you ask when is the best time to buy a house, the usual answer is in the spring. However, we would like to argue that the fall is an equally beneficial time, especially in our current market. From lower lumber prices, great new communities and balancing of the supply & demand market, there are lots of reasons to jump on the opportunity to buy your dream house. We put together a list of a few reasons why the fall is a great time to buy a house.
Lower Lumber Prices
Who knew lumber prices would be such a hot topic this year. Lumber prices hit a record high on May 7 due to sudden soaring demand and low supply both due to the pandemic because lumber mills closed and then couldn’t keep up to the demand when they re-opened. People who were thinking about building a house, a deck or even a fence over the summer had to think twice about their project. In the last couple months, lumber prices have fallen by more than 50% and there is much more supply available.
Calgary and Airdrie are booming and new communities are popping up everywhere. If you have a specific location or community you want to be in, it’s better to jump in right away rather than risk losing your perfect spot. Some of the new communities we are excited to be building in are Alpine Park (SW), Homestead (NE) and Sage Hill Crest (NW).
Balancing of the Market
The year started off hot with high demand for houses, quick turn arounds for properties and higher than normal prices for buyers. Over the summer and now into the fall, we’ve seen the market balancing itself out with more supply and not such an aggressive demand. This is good news for people looking for a new house, now you can find your dream house and stay within budget.
Get Settled in Time for Summer
If you want to build your dream house (in your dream community), make sure you consider the timeline of building a house. The process can range from six to nine months so if you start the process in the fall, you’ll line up perfectly with a spring or summer move in date.
If you have any questions about finding your next home now, our qualified team is here to help!