Most of buyers ask this question after they were not successful in their house hunt during fall.
Usually when I hear this question, I can read a hope in the eyes of a person who asks that home prices will go down over the winter. Some home hunters say, “it will be correction of a real estate market and home prices will go down”.
Real estate is local, and we are in Kitchener-Waterloo and Cambridge market. Home prices will not go down in our area. At least not in the foreseeable future. There are no indications that home prices will go down, and there is no reason for price correction here. Over the last decade, housing prices have been climbing steadily in the country in general, and in K-W and Cambridge in particular. This trend is expected to continue.
Home-buyer, if you are in a position to buy, take advantage if a slower winter time. Because the majority of buyers purchase in the summer, sellers may be more motivated in the winter. If they are selling in winter, they are serious about sale. Maybe they need to relocate or move out with a specific time frame. It can sweeten your deal.
It is true, there is not a big home inventory during the winter, but there are still homes on the market offered for sale. At the same time there are not many buyers looking for houses. People are relaxing during the holiday season. Competition among buyers is weak. Use this advantage. You can try to negotiate price down. There is no line of buyers behind you.
Mortgage rates are still low now. Although they are higher than they were six months ago, and higher than they were last October (it is just two weeks ago).
If you do not like to pay more, if you want a good deal, if you are preapproved what you are waiting for? Talk to a local real estate professional, take a good advice and avoid a competition.