4 Advantages of the Winter Real Estate Market for Sellers
We’ve been experiencing some beautiful fall days, but it won’t be long before they turn cold and snowy. That means many people are on the fence about listing their Kelowna homes now or waiting until spring.
1. Impending Mortgage Rule Changes for 2018 Are Motivating People to Buy and Sell
This is what we’d call an unfortunate advantage for people looking to buy and sell in the near future. The Canadian government has recently announced mortgage rule changes, starting officially on January 1, 2018.
These rule changes will affect people putting a 20% (or higher) down payment on their new house; come January they’ll have to qualify for rate that is 2% higher than their contract rate, meaning that they won’t actually be able to afford as much property as they can in 2017.
This is motivating people to more seriously look at homes on the market now, with the intention of locking down their mortgage rate prior to the rule changes.
2. Buyers Aren’t ‘Just Looking’
Winter buyers are motivated one’s; chances are they’re looking at houses this time of year because they have to.
This could be due to any number of reasons, including job location or time off during the holiday season. But chances are if they come to see your home, they’re not “just looking”, like some people do during the spring and summer open houses.
You’ll also have the advantage of attracting buyers who aren’t necessarily restricted by school districts or neighbourhood. That’s because buyers with school-age kids will do their shopping and moving in the spring and summer.
3. Lower Inventory = Less Competition
Kelowna’s real estate market has had a strong year, but we’ve also had a lower inventory rates than usual. This means that statistically, there are less houses on the market.
Less houses, but a high volume of buyers, means that your house is a hot commodity, particularly if it has desirable features.
This will only increase during the winter real estate market, when more people opt to wait for the snow to melt. Your house will have even less competition; depending on how many people become interested in your home, you may even have multiple offers!
4. You May Get an Offer Closer to Your Asking Price
Any of our highly trained and experienced real estate agents will tell you that your home won’t sell if it is not priced correctly. Even when it is, chances are you won’t get your exact asking price.
One of the advantages of winter when it comes to selling is that while you may have less competition, buyers will have more. If they have their heart set on your home, they’ll be more likely to make offers closer to your asking price.
Remember: We can’t guarantee how much your home will sell for. We use responsible and realistic pricing methods to make sure that your asking price reflects your home and the market.
Bonus: Less Landscaping
A nice bonus advantage of winter selling is that you don’t have nearly the landscaping responsibilities as you do in the summer. No weed pulling or lawn mowing.
While you will have to make sure your driveway and walkways are shovelled and salted for ice, you can focus the rest of your attention on making your home warm and inviting for the buyers who are looking.
Tip: Snow also means that buyers can’t tell what condition the outside of your home is in. We always recommend taking summer photos to go with your listing so that buyers will have all the information.
Take Advantage of the Winter Real Estate Market
Any season is the right season as long as you’re ready to sell. If you are, take advantage of these winter real estate advantages. Talk to one of our agents about selling your Kelowna home this winter, snow and all.