Early Spring Market
The spring market is upon us. With the weather to turn any minute now, the spring market should get started a little earlier than usual this year. 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. There were so many people looking during the winter, unfortunately due to the lack of listings resulted in extreme price wars. Not just in the freehold market, but also in the condo market. Coupled with the fact that interest rates were to rise in mid February 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 don’t expect inventory to last.
If you’re an agent, have your clients prepared to strike. If they find something they like with intriguing qualities about the unit, it won’t last long. 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.