Experts Check In

by Jeremy Van Caulart

The spring real estate market is heating up. With spring in full swing, let’s check in some industry leaders, to see what they have to say about buying and selling this spring, and what it means for you.

Selma Hepp, Chief Economist, CoreLogic:

“We see more competition among buyers . . . Housing supply also tends to grow during the spring months. And this is also the time of year when relatively more migration happens, as people graduate and move elsewhere looking for jobs.”

With the school year coming to a close, graduates will be moving out and looking for their own spaces, while families might be looking to downsize from an empty nest. This time of year usually sees an uptick in both sales and rentals for this reason.

Greg McBride, Chief Financial Analyst, Bankrate:

“I don’t expect big moves in prices in the span of a month, but like the flower buds of spring, the housing market is showing signs of improvement. A pick up in activity with inventory still low does bode well for home prices.”

If you’re looking to sell, now is a perfect time, because most of the spring houses haven’t made it to market yet, so you’ll still be able to get top dollar for your property.

Rick Sharga, Founder and CEO, CJ Patrick Company:

“If you can find a home you love and can afford at today’s prices, don’t wait. Home prices in most of the country are unlikely to crash, and mortgage rates will only come down very gradually if they decline at all this year.”

While the Bank of Canada holds its interest rate, now is a great time to lock into a low mortgage rate. Banks and lenders tend to get competitive in the spring, offering promotions and better mortgage rates as the market warms up.

Jeff Tucker, Senior Economist, Zillow:

“The market is still much friendlier this spring for buyers who can overcome affordability hurdles, but buyers are going to see more competition than they might expect because there are not many homes on the market to go around. New listings are increasing, which they almost always do this time of year, but not nearly as quickly as usual.”

There don’t seem to be as many homes headed for the market as the year goes on, so if you see something that you like now, it’s best to jump on it, because something similar may not come up this year.

BOTTOM LINE

Spring into action today! If you’re looking to make a change in your housing, if you’re looking for a new lease on life, if you’re looking for a new home or want to sell your old one, reach out to your trusted real estate professional, and let’s connect to get you started on your real estate journey before the spring market even reaches its hottest.