Housing Recovery? We May Have To Wait…
Spring into This Season’s Real Estate Market
While there’s still a chill in the air, something within us is awakening and we’re brushing off the dust from hibernating all winter. The promise of spring is soon approaching.
There is a consensus among people within the real estate industry that spring is the busiest time of year for real estate, having the most transactions peeking between March and June. This makes sense, as gardens begin to bloom making properties more attractive; Children are finishing their school year so uprooting them during their studies is no longer a concern; Families want to finalize their housing situation before setting sail for the fast approaching holiday vacations on the horizon: Or, perhaps the moving bug is symptomatic of your hibernation quarters and lack of diversified scenery.
With so many people ringing in spring in this manner, spring is ideal for homebuyers. With so many putting their homes on the market during this season, as a homebuyer on the market, you have a cornucopia of homes to choose from. But although there are many homes to claim as your own, the competition is also high. The only drawback is that with the market flooded, prices are at their peak, and sellers hold true to their asking price knowing demand is high.
Logic would then have it that buying on an off-season such as the dead of winter, would be ideal for homebuyers as they have purchasing power over listings that don’t show as well in snowy conditions, a lessened market, and exasperatingly long listed times for homeowners.
However similar to the concept of stores being closed on Sunday in respect to the Sabbath, so too is the real estate market slowly converging with the 24-hour consumer market continuum. The Globe and Mail reports that it is not uncommon for real estate agents to have experienced recent new home-buyers making purchases off-season heavily throughout this winter.
Economist Amna Asaf theorizes that this recent winter surge could also be attributed to a temporary relief to the downward real estate trend that began in 2012. Chief executive of Royal LePage, Paul Soper forecasts that the unexpected strength the housing market has shown since this housing boom began a decade ago will continue to grow “considerably higher” in terms of both sales and prices into this spring.
Timing seems to be the ultimate paradox here. While timing is everything, simultaneously the predictions that fuel transactional decisions are just that – predictions, however well-calculated. The most important aspect of timing to take into consideration are those of your own: your financial situation such as your debt, your credit, and your income combined with the arguably more important question of timing in terms of your life. If spring fever has got you feeling an extra pep in your step and the desire to add your own bundle of joy to nature’s looming blooms and offspring, allow me to help you spring forward into that next venture – and season! – with a new home.
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