Spring weather with all its glory is right around the corner. Just take a look at the signs: front yards have cast off winter’s gloom, budding flowers that add to curb appeal and the sounds of chirping around you. And along with the longer days and brighter weather comes typically the strongest selling period of the year.
For the Canadian real estate market, Spring is traditionally the busiest season. It’s the time where a swag of fresh listings are set to explode, an increase of properties being snapped up within hours of hitting the market and a rush of new homebuyers.
Warmer Weather is Perfect for House Hunting
Spring is a time for new beginnings and with that comes hope and optimism. The weather is the perfect time to hunt for your dream home.
As the “For Sale” signs start popping up on lawns across the country, so do the bidding wars from one open house to another. An article from Huffingtonpost.ca states that the Spring real estate market is “a perfect storm” for an exceptionally competitive market. It’s the moment when interest rates are low; employment rates are healthy; listing inventory is limited; and, all buyer segments are active, including first-time buyers, baby boomers, newcomers and foreign buyers.
With the blooming lawn and flowers, homes tend to be presented in their best light during the Spring. The glorious weather lures more people out to open houses. Sellers are motivated, thinking that there’s more room for competing offers which may potentially lead to a higher sale price.
While buyers have greater choices in terms of housing type and features. This means that you have a higher chance of finding a property that’s right for you!
Spring Tips for Home buyers
The real estate landscape can be a tricky one to explore, especially during a competitive home buying season. A lack of preparation can be a major pitfall, possibly resulting in losing out on that newly renovated crown jewel you’ve been eyeing.
Here are some tips to help you navigate with your home search:
Educate yourself on market values and trends
One of the preliminary steps when purchasing your dream home is understanding the current housing market. If you don’t have the knack for choosing the perfect property, then why not enlist the help of a real estate professional? Choose someone knowledgeable about local market conditions and has your best interests at heart throughout the entire buying process.
Know your numbers
The list of things to consider can be lengthy when it comes to deciding on a home to purchase. Calculating how much you can afford, estimated monthly payments, taxes or other expenses through and through is vital to a smooth homebuying process.
Seize the low mortgage rates
As the busy Spring season nears, speak to your mortgage broker about home loan rates to get an idea of what to expect. In addition, getting preapproved or prequalified is recommended. It’s all about having choice, convenience and confidence going forward.
To make sure they look their best when you view them, smart sellers naturally stage their homes. Always remember to look between the lines for issues that might not be immediately obvious. Things like adequate power points, holes or cracks are a list of practical things that a professional home inspector can assist with.
Spring Tips for Sellers
With the sun shining, the Spring season helps encourage buyers to get out to attend open houses. But at the same time, you’ll be faced with a higher degree of competition than you would during the winter months. Putting in a bit of extra effort and polish to your property will help it stand out from the competition.
Kick-start your sale with some of these Spring selling tips:
First impressions count
To make a great first impression on prospective buyers, never underestimate the power of street appeal and go that extra mile. Your property’s exterior appearance is the first thing that buyers will see. Put some extra effort into improving your curb appeal. Tidy up your lawn and fix all those dead or bald patches in the grass with a bit of fertilizer.
Boost your property’s interior
Turning your attention to the interior of the home allows you to target specific demographics and possibly achieve a better price. Let in natural light by drawing back the blinds and position vases of freshly-cut flowers throughout the home. Polish the floors, mirrors, glass, trims and door knobs. The light will really make these surfaces dazzle, the house looks immaculate and creates a good impression amongst buyers.
Perform necessary repairs and maintenance
Note any flaws, defects, or damages such as leaky taps, loose doorknobs and faulty light switches. Also, consider having carpet stains removed by professionals and give damaged walls a fresh coat of paint. Taking an objective look at your property’s interior is essential.
Reach out to an expert for help
Ensure you’re staging and preparing your property correctly, a good real estate agent works closely with you at every step of your sale. They can assist with your contracts and paperwork and can check you’re working off an accurate value for your home. Make your property stand out and successfully market it to your target demographic with the help of a professional who knows your local market.
The busy Spring real estate market can be a great time for buyers and sellers. You’ll have many options to choose from if you’re in the market to buy a new home. If you’re a seller, it can be a challenge to make your home stand out with so many other homes on the market, so going the extra mile can make all the difference.
The time to start getting ready for the Spring market is now!
With these given tips mentioned above, make sure you’re financially prepared. Consult with your trusted mortgage broker well ahead of homebuying time.
Daisy Raouph, CLU, CHS, specializes in mortgage financing solutions and financial services. A Mortgage Broker and Financial Security Advisor with over 30 years of experience in financial services. Contact us today to review your mortgage financing options. We can help!