Friday, November 3, 2017

Winter Real Estate

The cold wind began to blow yesterday and an early dusting of snow covered parts of Chilliwack, it got me thinking, is winter still a good time to sell or buy real estate?  

To start with the winter of 2017 - 2018 is special given new financing changes just around the corner.

Buyers, this year will want to get an early jump and try to secure a new home before the new mortgage requirements take place.  After January 1, 2018 securing financing will be more difficult for purchasers regardless of their down payment amount buyer finances will undergo a stress test. They will need to qualify for a mortgage based on the rates they negotiate PLUS 2%!  What this means is that buyers will not be able to borrow as much.

Sellers, the new financing stress test will have a cooling effect on prices after the new year. Fewer buyers with less cash and a much reduced ability to mortgage. Now is the time to sell if you are in position.

If you are not ready to sell there is still some good news to share with you. Traditionally, the Chilliwack, Agassiz and Harrison Hot Springs see good sales activity every month of the year with only a slight seasonal slowing in December as the public enjoys their holidays. Inventory levels drop off some over the winter so while there may be fewer buyers there are also fewer competitors. Those buyers looking are serious.

If you are thinking about listing your property in the coming months, I would appreciate a chance to serve as your Realtor. Give me a call or send me a message.

Stephen Mullock
is an award winning full-time real estate specialist with 30 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) of Royal LePage Wheeler Cheam Realty for experience, local knowledge and friendly service you’ll be happy you did.

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