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11 Reasons to List During the Holidays

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11 Reasons to List During the Holidays

 

Are you concerned about listing their home during the holidays? Not to worry. Here are a few great reasons why you may want to move forward instead of waiting for the spring.

1. People who look for a home during the Holidays are more serious buyers! 

 

2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you! 

 

3. Many people from overseas come to visit friends and family members in our marketplace over the Holiday season. Some of these visitors will buy real estate. Why miss these buyers by not being on the market?

4. Houses show better when decorated for the Holidays! 

 

5. Buyers are more emotional during the Holidays, so they are more likely to pay your price! 

 

6. Buyers have more time to look for a home during the Holidays than they do during a working week! 

 

7. January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until Spring to buy, you must be on the market now to capture that market! 

 

8. You can still be on the market, but you have the option to restrict showings during the six or seven days during the Holidays! 

 

9. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year!

 

10. Since the supply of listings will dramatically increase in the New Year, there will be less demand for your particular home! Less demand means less money for you!

11.By selling now, you may have an opportunity to be an “all cash, no subjects” buyer whereas during the Spring, when many more houses are on the market this is less likely to happen and more product either stabilizes prices or drives them down! This will allow you to sell high and buy low

 

 


 

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How Will the New Mortgage Rules Affect the Canadian Market?

 

Finance Minister Jim Flaherty recently unveiled new mortgage rules aimed at stopping housing speculators and ensuring homebuyers can adequately handle their debts when interest rates inevitably rise. Mr. Flaherty stressed that Canada's real estate market is healthy, and that the new rules, which take effect April 19th, would stop “negative trends” from development.

"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," commented Minister Flaherty.

"The underlying message is that Canadians should be prudent in the obligations they take on because we can all expect that mortgage interest rates will rise over time," Flaherty added.

Here is a quick look at the changes which apply to government-backed insured mortgages:

1. Borrowers must now qualify based on a five-year fixed rate even if they choose a mortgage with a lower interest rate and shorter term. The government’s rationale for this change is that it will help borrowers prepare for higher rates, although it may squeeze the purchasing power of home buyers. It remains unclear whether borrowers must qualify at the five-year posted rate or the five-year discounted rate.

2. The maximum amount Canadians can withdraw in refinancing their mortgages will be reduced to 90% of the value of their homes, instead of 95%. This change will help ensure home ownership is a more effective way to save. The impact of this change is expected to be minimal as relatively few homeowners withdraw equity from their homes to this extent.

3. A minimum down payment of 20% will be needed for government-backed mortgage insurance on non-owner-occupied properties “purchased for speculation,” which realistically means rental properties. While this measure is intended to hamper the speculative buying of properties by reducing the leverage of buyers, it will also impact those buying real estate for general investment purposes.

How will these changes affect the Canadian real estate market?

For most consumers, the changes are unlikely to make it harder to get a mortgage but it could reduce the size of the mortgage an individual consumer can negotiate with a lender. And they might have to look at buying slightly less expensive properties.

People buying real estate for investment purposes including those looking for rental properties may find it harder to get into the market as they have to shell out more money form their own savings.

Undoubtedly there will be a rush of mortgage applications to beat the April 19th deadline. However it is expected some lenders will start to implement these guidelines before April 19th.

Some volatility is expected in the housing market in the short term as home buyers rush to beat the April 19th date. After that, the activity will likely fade because so many buyers moved up their purchases. This could end up softening the sharp year-over-year price increases that have been characteristic in many cities recently.

The economic implications of this rule change are unlikely to be severe, and we expect the housing market to slow its ascent without crashing down.

 

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