Why It Makes Sense To Move Before Spring
Spring is usually the busiest season in the housing market. Many buyers decide to hold off until then because they think it's the finest time to find a property. When you consider the competition you might experience with other buyers at that time of year, though, it isn't always the case. Here are some reasons why it makes sense to buy a property before the spring market kicks up if you're ready to do so.
Spring Should Bring a Wave of Buyers to the Market The housing sector typically experiences predictable seasonal fluctuations in activity. The winter months are usually rather quiet, while a wave of purchasers start their searches in the spring. Experts predict that this year won't be any different.
Due to a combination of seasonal patterns that are typical for this time of year and a response to the increase in mortgage rates, buyer demand is currently low. Finance experts predict that we have seen the last of the rate hikes in Canada, and with average home prices currently at the lowest we’ve seen since pre-pandemic, it has resulted in more and more prospective buyers preparing to enter the market. This means that if you're in a position to buy, now is the ideal time to do so before more buyers start to show up again. Demand is now modest but affordability is beginning to increase.
The greatest time to purchase a property is now, before your competition increases and more buyers enter the market.
You may be able to purchase a property on your terms because sellers are frequently more willing to negotiate with you when there is less buyer demand. The lack of buyers in the market has actually made sellers more amenable to negotiations this winter.
According to a recent article from Forbes:
“. . . sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter of last year.”
But bear in mind that this winter's advantages for buyers won't persist indefinitely. If you wait until spring to act, your competition may be more intense, and sellers will have less incentive to deal with you due to the increased buyer demand. Work with a reputable real estate agent to find out what is currently happening in your neighbourhood's housing market.
Moving before spring may make sense if you're in a good position to do so. The best approach to learn about the current market and what it implies for you is to work with your team of knowledgeable real estate experts. Let's talk right now to figure out the best strategy for achieving your home-buying objectives