As the weather gets colder as we move into the winter season, home buying and open houses tend to slow down a bit as families opt to stay indoors. Although some turn to waiting until warm weather comes around to buy a home, others may choose to continue their efforts and buy in the winter due to take advantage of less competition, lower prices, and quicker closing times. Whether you are looking to buy your first or second property in Vancouver or elsewhere in British Columbia, let’s take a look at some positives of buying property in the winter.
Less Competition, Lower Prices
With more rain and colder weather moving into the holiday season, one positive of buying a property in the winter is less competition. With less buyers all around this time of year, families can take advantage of less competition and may have greater likelihood to have their offer accepted. In addition to less competition for homebuyers, another thing to keep in mind is lower prices. While this typically depends on various factors, potential homeowners may have more flexibility in this regard as there generally aren’t as many buyers during the winter, giving more opportunities for negotiation with the seller.
Faster Closing Times
Sellers that put their houses on the market in the winter usually are keen to sell as soon as possible. With this in mind - sellers may be motivated to accept an offer and close a deal with as little friction in the process. For buyers, this may mean potential savings if you are willing to negotiate and agree on either a lower price, or a closing date in alignment with both parties’ needs.
Moving Companies May Be Cheaper
Everyone knows how busy moving companies can get in the last weekend of the month, going into the 1st, with countless people relying on rental trucks and staff to assist in the moving process. Sometimes, these need to be booked several days or weeks in advanced. While booking a moving truck in the winter may be quite easy, it may also prove cheaper as well depending on the company and their rates.
What about mortgages? What if my credit isn’t the best?
For current homeowners looking to buy another property this winter, sometimes individuals may face issues with getting approved for a mortgage by the bank. Whether you live in Vancouver, Victoria, Surrey, Abbotsford, Coquitlam, or even up in Kelowna, we’ve got you covered for home equity loan solutions. If you have bad credit and are looking for a mortgage in BC, you may be eligible to access up to 75% of your home’s value in the form of a second mortgage. At Silver Hill Mortgage, we work with private mortgage lenders in BC that focus on your available home equity – not your income or credit. To learn more about your options and see how we can help you access your home equity, get in touch today by clicking here. Looking to get approved sooner? Give Jim a call at: 604.620.2697.
Silver Hill Blog
Jim Horvath is the principal broker and director of Silver Hill Mortgage Corp., arranging mortgage loans for over 25 years.