Springtime is known as being one of the busiest times of year for realtors; as snow melts and flowers spring up, more home listings appear on the market as well as more home buyers. 2020 will be no different as Canada is set to have an exceptionally competitive spring market: interest rates are low; employment rates are healthy and inventory has been limited. Buckle your seats, home buyers and sellers!
Selling Your Home in the Springtime
Springtime can benefit both home buyers and sellers. For sellers, homes are easier to sell because they appear more aesthetically pleasing in the spring. Knowing that they have better curb appeal in the spring makes sellers feel more confident and as a result, they tend to expect and receive more money for their homes.
As opposed to selling during the winter, selling a home during the spring is a good bet if you are looking to receive high offers or even spark bidding wars. Home buyers are more willing to explore real estate in the warmer weather and new listings put on the market excite buyers who were otherwise unimpressed with the listings available in the winter. As an example, according to TREB, the average number of sales within the GTA during 2019 spring was 7,587 while the winter rendered an average of only 5,467 deals.
Buying a Home During the Spring Frenzy
For buyers, springtime offers options. If you want to have more choices when you are looking to buy a home, it is recommended that you consider looking for homes starting in the spring. Not only are there more listings to choose from but also more variation in properties. Pre-construction projects tend to be launched in the spring, as well as new townhome developments. One thing is for sure, thanks to low winter inventory and population growth, home prices will continue to trend upwards in the Spring.
Economically, buyers are said to be more flush in the springtime. Those who are looking to buy a home can make higher offers because they have their Christmas bills behind them and their tax return to look forward to. That being said, springtime can be the optimal economic season to make such a large purchase.
Know Your Seasons
Of course, there are advantages and disadvantages to buying and selling a home no matter what the season is. However, when you know what you can expect in each season, you will be able to evaluate properties, better understand real estate trends and house hunt with less stress. Good luck to all home buyers and sellers looking to buy or sell a home this upcoming spring!
A Good Way to Prepare for a Competitive Market – Get Pre-Approved
One way to ensure that your home buying process can run as smoothly as possible is to get pre-approved. Not only will that help you lock in a mortgage product, it will also help you understand your full financial picture, but more importantly what you max affordability is. This way, when home shopping you can bid and buy with confidence. At Homewise we make the process very simple for pre-approval. Easily apply online in only 5 minutes, then one of our Advisors will help you get pre-approved from one of our 30 banks and lenders from there. Apply now!
Justo Home Brokerage is a full-service brokerage that helps home buyers and sellers across the GTA save thousands while getting the best deal on their home. Built on fairness and transparency, Justo uses smart technology & full service agents to provide superior service. View real estate listings at Justo.ca