“Spring Real Estate Market” – When Does It Actually Happen?
The “spring real estate market” is the term we use to describe the start of the busy real estate period that happens at some point between Christmas and summer. In the Financial World – it’s called “Spring Lending” – where many banks ramp up for increased lending with rate specials. Ironically, the spring market has nothing to do with what season we’re actually in or what’s going on with the weather; some years, the market comes back to life in January, and some years it arrives in April.
Based on what we’re seeing, I think it’s fair to say that Southern Georgian Bay’s 2023 spring real estate market arrived at the same time as the kids headed out on March break. It’s here right now.
Hellooooo, spring market! We’ve been waiting for you.
Going To Time The Market – Why It’s Almost Impossible To Do
There’s no guarantee how long the Spring Market will last – and given the last few years of Pandemic Struggles – it is even harder to predict for this coming year. Add in historically high interest rates, inflation and unstable economic conditions and it only gets more confusing. Every year, I see Sellers wait too long to list their homes, waiting for the tulips to bud, or the grass to be a bit greener – ultimately missing the busy market. Every year I see Buyers rush out at the height of the Market in fear of nothing else coming to Market, and miss out on better opportunities months later.
This is my 6th Spring Real Estate in Southern Georgian Bay, and the only thing I can guarantee is that trying to “time” the Market is impossible, and nobody ever really knows what is going to happen. This goes back to a line I use all the time… if it is the right time FOR YOU to buy or sell, then it’s the right time.
The Driving Force Of The Market: Buyers VS Sellers
Buyers and sellers rarely join the spring market at the same time – the buyers are almost always ready before the sellers, who are usually waiting to list their homes when the weather is better. This imbalance is one of the reasons we see properties selling quickly at the beginning of the Spring Market – a result of too many buyers and not enough homes.
SELLERS Take Note! If I was selling my own personal home, I’d be frantically getting it ready to list .. and of course, using Tarynn Lennox Real Estate Service! I get daily calls from Local Agents asking if I have anything coming in specific areas, and price points .. why? Because we currently have very limited inventory! We are in that sweet spot .. buyers are out and about and the sellers are all still waiting for the snow to melt!
BUYERS Take Note! Are you waiting for the Market to bottom out, or stabilize before buying? Be very careful waiting for this and pay close attention to what is happening right now! Many in the industry believe we have already hit the bottom, stabilized and some volume statistics show an increase. For the first time in over a year the Bank of Canada didn’t increase their overnight lending rate last month, and the banking crisis in the US, is making many believe that interest rates may be headed down (for how long .. who knows!). Are you holding out for Covid-era Interest Rate… don’t! This was a once in a lifetime (hopefully) pandemic, with one in a lifetime interest rates – they aren’t coming back anytime soon!
EVERYTHING Matters More Than Ever!
While we are seeing positive signs within Southern Georgian Bay, we all now know how quickly things can change.
Selling – Be sure to hire (me!) who offers a Full Service Listing Promise – cleaning, professional staging, fabulous photography and incredible marketing to sell at top dollar.
Buying – Be sure to hire (me!) who knows the local market inside out and can sniff out the many opportunities that are still present.
Buying Or Selling?
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50 Things I Do
I combine knowledge, passion and skill to exceed every client’s expectation. See below for the 50 things I do to create real estate experiences worth talking about. 😀
