Buying a Home? Here’s How to Navigate the Busy Spring Market
March 12, 2020
Perhaps it is the snow melting or the budding tree branches, but there is something about spring that causes home sellers and buyers to emerge in the real estate market. It can be an exciting and uncertain time. There is the potential for there to be a lot of variety on the market, or for there to be stiff competition amongst buyers.
Across Canada, we are seeing various buyer markets. In Ontario, we are in a seller’s market where demand is outpacing supply causing prices to increase and landing buyers in a bidding situation frequently. In Manitoba, the market is more balanced which means there are a variety of homes on the market that are selling for predictable prices. In Alberta, the market favours buyers with many months of supply on the market and little competition for homes.
Depending on whether a market favours sellers, buyers, or is balanced, homebuyers will have varied experiences. However, more often than not, the spring real estate market is a busy one, so here is how to expertly navigate it.
If the market is competitive, you will want to be able to move quickly on any home you love. Having a pre-approval that tells you how much you can afford will help you confidently put an offer in on a home and allow you the flexibility to increase your offer if in a bidding situation. Plus, knowing what you can afford will keep you from looking at homes over your budget. Shop smarter, not harder!
Pair up with a REALTOR®
A REALTOR® is a valuable piece of your homebuying toolkit! A REALTOR® knows the market and has access to MLS® listings which allows them to view what homes have listed for and sold for in the areas you are looking in.
A Purplebricks REALTOR® will set up email alerts with only homes that suit your criteria, tour homes with you, submit offers, and negotiate on your behalf. And perhaps the best part? We share a piece of the commission with you which means you get $2,000 in cash back* when the home closes!
Create a wish list
If the market is competitive, you may need to make quick decisions. If you know what your must-haves and nice-to-haves are, you will have an easier time determining if a home is worth a visit or an offer. Just remember, most aesthetic items can be changed, like paint colours or countertops, so it isn’t wise to let an aesthetic item make or break a homebuying decision.
Keep calm and adjust
Buying a home is an exciting time, but it can prove to be emotionally trying as well. If you are consistently in bidding wars where you’re on the losing end, or you’re having trouble finding “the one”, do your best to stay calm. The reality is one day you will be the winner of a bidding war, or better yet, not be in one at all.
If time isn’t on your side to find a home, you may need to adjust your strategy. Perhaps it’s coming in with an aggressive offer or looking at less expensive homes that allow you more room to improve your offer if in a bidding situation. Your Purplebricks REALTOR® can help you navigate the highs and lows of shopping in a busy market. Let them be your guide!
Are you ready to shop in the spring market? Purplebricks can help.
You can receive $2,000 cash back* when you buy a home with a Purplebricks REALTOR®! Give us a call today at 1-855-348-1820 and we will connect you with a local REALTOR® in your neighbourhood. Need more information? Learn how it works here.