Spring has always been the busiest time of the year for real estate in Canada. Whether it’s the weather, supply, or timing, there are a number of reasons why more people choose to buy and sell this time of the year over the others. To understand why spring is a busy time in real estate, here are seven reasons why people choose this time of year to buy and sell.
The most common reason for a busy spring real estate market is, of course, the weather. There is no denying that the temperatures are warmer and the weather is more favourable. And this time of year, people are more inclined to venture out to an open house or move their belongings in the sunshine than they are in five feet of snow.
Many families choose to buy in the spring and move in the summer to prevent relocating their children halfway through the school term. Since kids are home during the summer, this tactic not only makes it easier for the children but also the parents who may be juggling a new job in a new location.
Having a higher volume of houses on the market during the peak spring months is also advantageous for potential homebuyers. It means a greater likelihood of finding the perfect home, as there are more options on the market.
The more enticing the home looks, the more potential buyers it will attract. So there’s no surprise that people prefer to sell in the spring because they can show off their yard and gardens. Brochures and flyers also look much better with a blue sky, green lawn, and colourful flower in the photos for marketing purposes.
Vacation schedules also play a factor in the springtime rush. In Canada, the spring home-buying season is typically April, May, and June because many people choose to take vacations during the winter months (hello Caribbean!) and then again in the summer months (hello cottage!).
In colder provinces, you only get a relatively small window to complete your renovations after the winter. Those looking to sell quickly will renovate come spring and then put the house on the market. If they wait until summer, they may not have the renovations complete and will likely have to wait to market their home the following year.
Before the hottest selling-season starts, buyers need to be at the top of their game. Smart purchasers will look for a mortgage lender before beginning to browse the spring market. That way they can arrange a pre-approval to increase their chances of out-bidding the competition and signing an offer without any hassle.
If one thing is for sure, spring is a busy time in real estate! To better prepare for today’s competitive marketplace, you need a pre-approved mortgage that can provide you with an advantage over your competitors. To find out more about the available mortgage options for you, contact us at The Mortgage Advisors today. We can help you get into the house of your dreams.