Why It Makes Sense To Buy Before Spring

With winter in full swing, thoughts of warmer days ahead have us thinking about getting ready to move when the weather warms up. Spring brings with it a flurry of buying activity, making it one of the busiest seasons in the housing market. If you're ready to buy a house, waiting until the weather is nice could mean facing stiffer competition. Let's get into why you should move before the market gets busy in the spring.

SPRING SHOULD BRING A WAVE OF BUYERS TO THE MARKET

As animals hibernate in winter, so too does the market slow when the weather gets cold. Current buyer demand is low not only because the weather is keeping everyone inside, but last year's interest rate hikes have kept buyers on their toes, waiting for the market to stabilize to dip them in.

The Bank of Canada just announced its most recent, but final for the time being, interest rate increase. This means that with rates stabilizing, more buyers will be willing to jump back into the market.

That means right now is a sweet spot if you’re in a good position to buy, before more buyers reappear. Affordability is beginning to improve, but demand is still low — for now. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), shares:

“. . . expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”

If you’re ready to buy a home, right now is the best time to do so before your competition grows and more buyers enter the market.

TODAY’S SELLERS ARE MOTIVATED

Whenever buyers face a buyer's market, it's important to remember that sellers have fewer options, and are more motivated to work with you on making the sale happen. This means that you have more negotiating power when it comes to getting what you want.  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.”

Like all things, this window will not last forever. Indeed, with spring just around the corner, buyers are going to be waking up and looking for the best deals before you know it. The more competition you face from other buyers, the less negotiating power you have, and the less sellers will be willing to work with you to get you the deal you want. Always work with a trusted real estate professional to learn how to get everything you want out of buying a home.

BOTTOM LINE

If you're ready to buy, and if you're willing to move when it's still a little chilly out, some incredible deals are waiting for you on the market. The spring thaw is near, but smart buyers will work year-round to get their dream home. Working with your team of expert real estate advisors is the best way to learn about the current market and what it means for you. Let’s connect today to determine the best plan to achieve your homebuying goals.