1. A wave of new buyers.
Spring brings an enormous wave of new buyers into the marketplace, looking for homes. These are both first-timers – many of them Millennials – and people re-sizing (either up or down as their families grow or the nest empties). They come out of hibernation on a Spring mission to upgrade their lifestyles, putting in long hours in the sunshine, looking for their next perfect home. If you’ve had your property on the market for a while, this makes it a whole new game and your best chance to close a sale. If you’ve been thinking of listing, price it right and do it now.
2. Homes show better.
With the extended daylight hours and warmer temperatures, snowbanks melt and the landscape gets greener. Because of this, homes simply “show better” in the Spring. To stage for the season, try adding flowerboxes and plants around your front entrance (see our next article for a grower’s head-start). Without question, planters can make your home more appealing to prospects. Give your property a thorough Spring cleaning. Minimize clutter and let some of the outdoors into your home, if possible. Everything should look bright and fresh, including your chances for a sale.
3. Prices spike and often peak.
This could be because people get money back from Revenue Canada in April/May. It might be because they’re more inclined to spend large sums of money during the invigorating Spring season of renewal. Or, most likely, it’s because of the wave. With more people out looking for a home in the Spring, there’s more competition for homes and a much greater sense of urgency. Heightened demand can lead to bidding wars that drive up prices.
4. Days on Market gets shorter.
As days get longer, time to sell gets shorter! Historically, homes sell faster during the Spring months than most other times of year. With more people out looking (and for more hours every day), they’re often seeing each other at showings. To avoid being out-bid on “perfect homes,” buyers tend to make their offers – and close on their purchases – faster in the Spring. Quick sales and higher sale prices tend to happen together at this time of year.
5. Moving is more fun.
If you have children in school, finding a new home in the Spring means you’ll probably be moving into it after the school year ends. A move during the more leisurely days of summer is simply more relaxing. It can even be fun. Fall and winter moves, by contrast, can coincide with horrendous weather, making it a miserable proposition. And even though we have Spring blizzards in Western Canada, the snow usually melts quickly and moves are more manageable.
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