In real estate, the way we talk about the market is similar to the weather system, like winter, spring, summer, and fall. Typically, spring and fall markets are the busier markets, then winter and summer are slower.
Jared & Rebecca Chamberlain have worked in the real estate industry for about 17 years now. They have seen the spring market start as early as February and as late as June. The spring market can hit at any time.
Various reasons trigger the start of the spring market. Sometimes, lack of inventory gets buyers a little bit more curious and adds a sense of urgency. Other times it the economy or some employees receive bonuses in February.
Is spring a good time to buy a house?
More than what the market is doing, life dictates when it is the best time to buy a house. Life stages like getting married, having children or even getting a puppy contribute to the home buying process.
Before, people would wait until the weather is warmer before scheduling a viewing. But now, even though we have been in a polar vortex at minus 43 degrees, people are looking at houses.
There are many buyers out there, and inventory is moving crazy fast. When you're buying in a spring market, a lot of times, you could end up seeing multiple offers if it is in a strong seller's market.
If you are considering making a move, you need to have a strategy because competition usually increases when the spring market begins. You need to come up with a solid plan.
It is best to go to the bank and make sure you have everything figured out mortgage-wise. Have everything tied up nicely so that you can prove to a seller that you are qualified to make a purchase.
Why is spring the best time to sell your house?
There's a rhythm behind selling in a spring market. When the inventory is low, the competition is high. Once the media starts broadcasting that we are in a spring market, then you have extra competition.
Realtors always encourage sellers to list their homes when the inventory is low to create a balance. Sellers are in the best position at this point.
Typically, buyers don’t have the luxury of viewing a house multiple times in a spring market. Once a seller lists a property, they sell almost instantaneously.
How to deal with the Spring Market
Seasons defined life before the pandemic. Everything we've done had a rhythm, but now, there are no more seasonal activities and holidays. Everything is mixed up and different.
Life has changed since COVID-19. People have utilized their homes as gyms, dance studios, offices, and even as a school. Thus, people feel the need to move to a bigger and better place to make room for all the activities of the entire family.
As of January 2021, the unemployment rate in Alberta is 10.7 percent. Only a small percentage of the city isn't working. Most people in the city still have income, and those people want to make changes as money is still moving around.
Many things happen in the spring market, but the most important thing is having a plan at the end of the day. It doesn't matter if you're buying, selling or doing both; you have to have a plan.
If you need help in planning a strategy or have questions, let us know! You can reach out to us any time. You can email us at firstname.lastname@example.org or call our main line at (587) 316-5400. We are here to help you figure things out.