It may not exactly be a buyers’ market in British Columbia these days, but that doesn’t mean there aren’t better times to purchase a home than others. Like many businesses, the real estate industry has its ups and downs throughout the course of a year, and some clear trends have emerged over time.
One such factor that has been shown to have a significant impact on the housing market is the season. Take winter, for example. Research shows that selling activity slows down significantly from November to February, perhaps because people are less willing to go out house-hunting in the colder weather. If that’s why you’ve been putting it off, then you’re probably just itching for the spring at this point. The only question is: is spring a good time to buy in BC?
It may be! However, it often depends on your particular situation. Let’s learn more about seasonality in real estate, and whether a spring purchase is right for you.
What is the BC Real Estate Market Usually Like in the Spring?
One word: busy. The BC housing market tends to be especially active during the springtime, and this could be due to any number of factors. As previously mentioned, some potential buyers may put off house hunting in the winter due to the weather, but this is certainly not the only advantage of waiting for spring.
For example, the winter holidays are often a busy – not to mention expensive – time for families, so they may want to wait until things have settled down before even thinking about the housing market. The spring is also tax return time, so buyers lucky enough to get a refund may be waiting for that money to hit their account so they can put it toward a down payment.
The increased activity isn’t only due to the buyers – the sellers certainly play a part as well. A lot of people like to show their homes in the spring because the curb appeal tends to be greater than other times of year, especially the winter. Properties tend to be much more attractive once the snow melts and the plants begin to grow, and many sellers try and do whatever they can to help ensure they’re getting top dollar from buyers.
So, Should I Purchase a Property in the Spring?
There are both pros and cons to purchasing a property in the busy spring real estate market, so you really have to weigh them out before deciding what’s best for you. On the pro side of things, the flurry of activity means that potential buyers usually have more inventory to choose from, giving you a better chance of finding that perfect home. However, if you do find that ideal fit, a major con is that you may face significant competition. You’re not going to be the only ones looking to take advantage of this increased inventory, so you may have to prepare yourself for bidding wars or simply disappointment.
Whether you choose to buy in spring or not, it’s important to have a trusted realtor on your side. If you’re looking for a property in BC, contact Cascadia Pacific Realty today to see how we can help!