Spring Market - What Is It & How Is Spring 2024 Shaping Up?

We're smack in the middle of spring market - that time of year when the weather improves and the real estate market gets much busier.  Typically, we'd see a big increase in new listings compared to the winter months now behind us.  And, while a greater number of sellers will list their properties as the grass gets greener, spring market also tends to bring many buyers back out of hibernation.  Of course, this is a generalization based on typical real estate seasonality, but what am I seeing so far this spring?

Well, we’ve certainly had a healthy increase in new listings across southern Ontario.  Many communities in the Greater Toronto and Hamilton Area (GTHA) are also seeing more sales than in recent months.  However, without any rate relief yet from the Bank of Canada, many buyers are still hesitant to make their move.  As a result, the number of new listings in many communities is starting to outpace the number of sales, which is resulting in rising months of inventory.  In fact, many communities are now in what I would consider to be a more balanced market.

If you’re considering listing your property for sale in the near future, be sure to properly prepare your house to ensure it shows its best.  This means taking care of needed repairs, thoroughly cleaning and decluttering, and optimizing curb appeal.  But, with more competing properties on the market, pricing it right will be critical.  Priced right and well presented, good properties will sell in any market.  Your Realtor will be able to advise you on not only the list price, but realistic sale price expectations factoring in the latest market data, trends, recent comparable sales, and a strategic market plan.

The last couple years of higher interest rates, combined with rampant inflation, have shown that stretching the budget can be even more costly when interest rates rise.  Therefore, aim to spend less than you qualify for.  For those currently considering buying, the good news is that with more inventory comes more choice, stronger ability to negotiate a better price, and a greater likelihood that conditions in your offer may be accepted by the seller.  Your Realtor will be able to expertly guide you through all negotiations.  Keep in mind, though, that if/when interest rates start coming down, it’s likely that many more buyers will return to the market.  This will almost certainly mean greater competition, higher prices, and less ability to have your conditions accepted.

The market changes daily and the actual market experience will vary from one neighbourhood to another.  To ensure you’re getting the latest market information for your neighbourhood and the best advice on how to navigate the current market, I’d be happy to review your plans with you whenever convenient.  Want a better real estate experience?  Let’s chat.