The recent spring celebrations of Easter and Passover, along with our sunny skies and warmer temperatures, are a watershed point in the year. We start thinking of fresh vegetables at farmers' markets, walks in the park, buds on the trees, all kinds of renewal.
The "spring market" in real estate is also a time of renewal: traditionally, it's the busiest time in the real estate calendar.
More deals are done in the spring than at any other time. For example, looking at the mid-month GTA sales numbers in October 2011 versus March 2012: we saw 4,215 transactions in the first 14 days of March as opposed to only 3,477 in October, despite similar market strength and similar interest rates.
Depending on the year, the start of the spring market can be delayed as late as March or April but in Toronto it usually starts as early as mid to late January, and it can extend well into the late spring. But ask any real estate agent: the spring market certainly exists - and this year, the buzz is that it's the busiest year ever.
Self-fulfilling prophecy
The hot spring market is a self-fulfilling prophecy. Agents know that the spring is the busiest time, and so they capitalize on this sense of renewal and the rhythm of spring and encourage clients to list their homes at this time of year. More homes on the market means a greater selection and leads to more market activity.
Plus, the media - newpapers, radio, tv and the Internet - all push the idea that spring is here, the interest rate hike is around the corner, so grab your agent and buy!
Of course, the thing is, they're generally right.
Spring makes it so much nicer
Homes tend to take the best photos, and yards are most beautiful, in spring and summer - this goes especially for homes with swimming pools. Summer is also a popular time for vacation, and many buyers want to be moved in by summer.
Spring is also a busy time in general, especially here in Toronto. It's when we dig ourselves out of the snow and blink up at the sun that's suddenly shining more than a few hours per day.
Do homes sell for the highest price in spring?
Ask any agent and they will tell you, the highest market is always the spring. Is it attitude? Is it hormonal? What is it?
Listing in the spring real estate market almost always gets you the highest price for your home, and buying in the spring gives you the greatest selection. These benefits for both buyers and sellers help create the spring buzz.
What's the upshot?
Spring is the busiest time in real estate, and in many ways it's the best time to buy (if selection matters the most to you) or sell (if price matters the most to you... which it usually does!)
However: with the right agent who works for the right agency, and with the right strategy of always keeping your eye on the real estate ball, you can buy the home of your dreams - or sell your present home for the best price - no matter what the season.
If you are interested in buying, selling or leasing, please call me...I'm happy to help.
