It’s officially December, and everyone’s thoughts are turning to Christmas. The last thing on most people’s minds is buying a home. Many of you may be thinking who wants to buy a home in the middle of winter?. Believe it or not, there are a number of potential benefits to buying now.
Less competition: A lot of people are probably adverse to the idea of moving in the middle of winter, therefore they won’t be out there looking for a home to purchase right now. Use this to your advantage to be one of the few braving the snow and cold you’ll have more selection of potential homes, and less competition from fellow buyers.
Lower prices: While getting a lower price on a home in wintertime isn’t a sure thing, prices tend to be a little bit lower (and then increase again come spring). Add to that the Edmonton housing market is cooler right now and has a substantial inventory, and you could end up with significant savings.
Low interest rates: Interest rates continue to be fairly low in the midst of Canada’s current economic uncertainty. Although we have seen interest rates rise, it hasn’t been a significant increase, and rates are still pretty good. At the time of writing (December 4, 2008), we are able to offer a 5-year fixed rate as low as 5.19%. Not too shabby considering mortgage rates in December are usually closer to the 6.00% mark.
If you’re looking at purchasing a new home right now and are planning on selling your current home, it’s a good idea to get your lawyer or Realtor to make your offer subject to the sale of your home, or choose a later possession date to give yourself time to sell. That way, you won’t end up having to pay two mortgages.
Overall, there’s great potential for a mid-winter move to pay off. If you just brave the snow, cold and blustery weather, it could be well worth it! Besides, what could be a better Christmas present than a new house?
If you’re interested in exploring your financing options for a winter relocation, please contact First Foundation!