The Spring market is soon going to be upon us. With the weather to turn any minute now, the spring market should get started a little earlier than usual this year.
The winter market was great with the fact that the weather stayed warm for so long so we had plenty of people still out there looking. Unfortunately there wasn’t that much inventory due to the fact that so many realtors hoard their listings for the spring time!
This happens year in and year out, the exact same pattern. However this year was a little different in terms of the winter market. There were so many people looking during the winter and such a lack of listings that it caused a lot of extreme price wars. Not just in the freehold market (which we are all used to by now) but also in the condo market. Coupled with the fact that interest rates were to rise in mid Feb so everyone was against the clock to get their deals in.
The spring market should be just as nutty if not worse. Expect to see lots of listings roll out over the next few weeks and continue that trend until mid July. However look to see double if not triple the buyers out there so dont expect inventory to last.
If your an agent, have your client prepared to strike. If they find something they like it wont last long. If they see the great qualities about the unit then just remember all the other showings on the property are probably going to see the exact same things.
Over the next few months I expect to see a lot of happy sellers and a lot of frustrated buyers. This is the lay of the land unfortunately from March through to July.