Buying a Home During the Holidays (2022 Edition)
November 22, 2022 | Posted by: Ron Chan
November has come to a close, with Black Friday becoming a distant memory. We're now staring down the barrel of the Holiday season. While you're busy enough with gift shopping and party planning, there's something else that has been weighing on your thoughts through the final quarter of 2022. You planned to buy a home, and still want to, but is the Holidays season really the time to do so? Should you not wait until Ryan Seacrest has dropped the ball on Times Square before getting pre-approved on a mortgage? When you consider the current state of affairs, we suggest acting now before 2023. Here's why you should consider buying your dream home during the holiday season of this year.
3 New Reasons Why You Should Buy a Winnipeg Home During the Holiday Season of 2022
Winnipeg Real Estate Sales Have Slowed
Recent Winnipeg real estate news reports that home sales in the area dropped by a VERY significant 30%, year-over-year. When this occurs towards the end of the year (any year) sellers scramble to sell before the fiscal end. The listings you were kicking tires over a month ago may now be lower than they were then. Be sure to contact your Realtor or agent right away to find out.
Variable Rates Are Slated to Fall
Santa must be getting his sleigh ready for new buyers, because variable rates are slated to fall very soon. Yes, at press they are at an over-decade high. They are as high as they have been since the 2008 recession. But when you look at this graph, you can see that even with a small uptick (that may or may not happen) there is really no where to go but down from here. Logically, it makes sense to capitalize now, knowing that under the variable rate mortgage model, you will enjoy lower monthly mortgage payments once the Bank of Canada prime rate plateaus and/or drops in 2023. Just be sure to act now (Holiday season) while the other motivation above and below, persist. Keep reading.
New Construction is Finally Filling the Void
For the past 10 months or so, all buyers have been hearing is that real estate inventory is lean. For that reason they had to accept higher than normal home values. But finally, the new construction projects that we announced at the start of 2022 are catching up to fill the lack of inventory. The writing is already on the wall, as sellers now know they no longer hold all of the bargaining chips. You can either get pre-approved on a new construction mortgage, or enjoy likely lower home values of current homes that are responding to new (today and tomorrow) supply. This is one time that the laws of economics work in your favor - Happy Holidays indeed!
Contact Ron Chan today at 204.290.9950 to get pre-approved for the Holidays.