December is typically the slowest month in the housing market, but it’s a great month for homebuyers who have been sidelined to finally make their move. This December may be busier than previous December’s for that reason, too, from what I have read economists say. Buyers may be looking to take advantage of steadier mortgage rates—which are still averaging below 5 percent—and home prices flattened out over the summer. The last few weeks I have seen and heard of more people buying right now because they’re worried interest rates will be higher in 2019.
Mortgage rates are still nearly a percentage higher than they were a year ago, but they are still under 5 percent. It was reported that a 25-year fixed-rate mortgage averaged 4.45 percent. Rates are largely predicted to move higher in 2019. Housing affordability has become a mounting issue in the housing markets through much of Canada, but while home prices are showing signs of easing many feel that we have hit bottom and will see moderate increases in 2019. Historically home prices usually are lower in the winter months. Housing reports are showing more properties are seeing price cuts. The last 30 days have seen major reductions, cancelations and listings expiring without selling all together.
Nonetheless house hunters in search of a deal may also find lower inventories of homes for sale during this time of year. Though the holiday season is not going to give you plenty of options to choose from, there are reasons why you should not put your home search on hold for the holidays.
December is one of the best times of year if you want to avoid competitions. Home showings generally slow down by about one fifth over the holidays however motivation can be high for buyers to make a move before the end of the year. There are also a lot of people that are motivated price-wise from the selling standpoint too, because they too want to get to the next stage of their life and selling their home is part of that.
Real estate is less and less seasonal these days and more and more situational. Life happens, people don’t wait for a specific time to have a disruption occur in their lives. They take it as it comes be it spring, fall or winter. Some things you just cannot plan!
If you have questions or would like me to blog about something in particular, please email me and of course always check back to read and pass along my blogs!
Peter Fourlas – Regina Realtor®