Buyer’s Market in December?

Cliff Rego
Published on November 28, 2016

Buyer’s Market in December?

Now that would be sweet, sweet music to the ears of frustrated homebuyers in Waterloo Region, wouldn’t it!

In a year which has seen an influx of out-of-town buyers, skyrocketing home prices and new restrictions on mortgage financing, homebuyers are ready for a break.

And that’s the precise reason why we may see a more balanced market in December: buyers are ready for a break.

Regardless of market conditions, December has traditionally been the slowest month of the year – and it’s obvious why.

The shopping, the staff parties, the school assemblies, the Christmas lights, decorating the tree, the family get-togethers – too many distractions to list.

And this year, these distractions may be welcome to those jaded by the home buying process. After losing out on 10 homes, many buyers may use any excuse to take the foot off the gas, recharge the batteries, and resume their search in January-February.

And there’s the opportunity.

While other buyers are hitting the egg nog and candied nuts, you and your agent need to dig in and search for homes with renewed intensity. Here’s why:

1) You will be competing with fewer buyers. The seasonal distractions noted above, combined with deteriorating weather conditions, may encourage buyers to stay home and ride out the rest of 2016 home buying season. This may be especially true for GTA buyers who have a longer commute to each showing.

This won’t happen often – so take advantage of the reduced competition and snag a home, possibly without a bidding war. That could mean 10-20k in savings (there’s your Christmas bonus!).

2) Sellers who list in December are typically eager to sell. Let’s be real: you don’t want to be house hunting this time of year, and sellers don’t want to be selling this time of year. They, like you, would love to get a deal done before the holidays; they may be more open to a lower-yet-reasonable offer.

3) No day (aside from the 25th) is off limits. Motivated sellers are willing to show their home any day other than Christmas Day. We’ve seen countless deals come together Christmas Eve, Boxing Day, New Year’s Eve. As long as there are homes on the market, there are sellers who want to get a deal done.

So, finish your shopping, put up your Christmas lights, decorate the tree, take those family photos in your matching holiday sweaters – get it all done NOW. Then, get back to business and get your dream home.

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