- Less Competition – there are are fewer choices (lower inventory) so that you can refine quickly the homes you like and don’t like a lot faster. Real Estate is a cycle throughout the year, winter sucks in Calgary most of the time weather wise so the seller’s don’t want to move any more than you do but you can get a better deal not having as many competing offers.
2. Pricing/Motivation Sellers who have kept their home on the market into the winter OR are STILL on the Calgary marketplace have motivation, otherwise they would wait for spring (which is a form of speculation thinking they will get a better price). Sellers who sell in the winter on average have much higher motivation – also supply of buyers is less so demand goes up for their offers – even if they are aggressively in your favor
3. Tax advantages, there are an infinite number of tax scenarios in people’s lives – often that is affected by the end of the calendar year. What this means for you is that having a quick close in December could help the current owner save money on taxes, we all want to keep money out of the hands of the feds when we sell our homes in Calgary or anywhere in Canada for that matter.
4. Bankers get paid bonuses based on quarterly results. What this means for you is that a branch manager, district manager, national manager at a mortgage financing company has their bonus check at the end of December directly tied to “production” and they will be more incentivized to push mortgage approvals through and get them closed before year end – giving them a reason to approve your loan/make exceptions they might not at a different part of the calendar year. Getting a mortgage to buy a home in the winter can be easier than any other time of the year. Do keep in mind everyone can go into holiday mode after the first half of December, so things do slow down before the holidays.
5. Properties are looked at based on their physical interior features and structural integrity, the “curb appeal” factor does not really apply with snow on the ground in Calgary and no flowers/gardens to look at. This factor does help a buyer look at the property closer, get full inspections, which help negotiate better pricing and forces buyers to think about the value of a home inspection, when they are thinking about how old the furnace is and how much heat/water leaks could be a problem. The sellers are also thinking about these things too if they are dated and would be more willing to make concessions. Creative financing deals are also easier to negotiate during the winter months in Calgary because they want a NOW solution and would rather not wait until spring to sell the home and get out right away before the sleigh bells ring on the rooftops!
To your success,
Contact us to learn more about how to find the best deals in the winter and all year round.
Tim Reid
Respect The Hustle
