T'is the season to get moving!

What is it about the spring season that makes it the best season for Real Estate?

As the weather becomes warmer, the birds chirp their way through the day and the grand awakening of nature goes through its renewal cycle, so do our emotions and dreams for a better lifestyle suddenly reawaken as we emerge from our winter hibernation. Springtime is just that:  a moment to “spring” into action with new hopes for the year ahead.  It’s the “feel great” season!

Real Estate is not the only industry that benefits from this renewal.  Yet, no matter the market, this time of the year is where the largest volume of existing owners and new purchasers become active in the search for that next place to call home.

Traditionally, the spring market was attributed to the high volume of renters who’s leases were coming to term on July 1st.  The older lease forms called them to notify their landlord of their non-renewal by April 1st, or 3 months ahead…  Today’s leases only call for a 2 month notice, and more leases no longer terminate on that traditional July 1st date.  Regardless, this means that the higher volume of purchasing activity increases drastically by March for all those who have the means to purchase.

As March kicks in, the domino effect begins to occur as each buyer kicks out an owner forcing the latter to become a buyer who kicks out the next one and so on and so forth, creating major ripple effects of real estate activity throughout the province.

As mortgage rates seem to remain stable for the moment and, according to some analysts, lower rates are anticipated, the 2024 spring market is expected to be opportunistic for both buyers and sellers.  Typical desired moving dates of June, July and August are more prominent for spring offers, so the earlier your home is listed, the more time you will likely have to get an offer on your home and have time to find, negotiate and firm up your next one.  The more time you have, the less stress will be your journey to that next home you so well deserve!

One major difference between 2023 and 2024 is the availability of homes which has grown since May and June of 2023, allowing a wider range of choices in most categories.  This increase in inventory spreads across most market areas, so there are good choices in most markets which encourages fair competition and stimulates demand due to the fact that owners are far less scared of not finding anything to buy as was the case of couple of years ago.  So 2024 should be great for both parties involved in a real estate transaction.

May your “spring”board land you where you want to be, because now’s the time to stop dreaming and go for it!

Have a great Spring!