It's almost time to flip the calendar on the first month of 2011 and Groundhog Day is just around the corner!
Whether that fur-ball sees his shadow or not may indicate a longer winter but the recent activity in the real estate market seems to indicate an early spring is upon us.
Typically, the busiest time of year is around April, May and June when the new green leaves are on the trees, flowers can be set out and everything looks its best. It also has something to do with the fact that a lot of people like to sell in the late spring so they can take possession of their new place at the start of summer and settle in nicely before the kids head back to school in the fall.
Last year was a typical year or at least it started out that way. Momentum grew in the spring but peaked at the end of May-start of June. Then it cooled over the summer months, which is quite normal. Usually the Buyers return in September and activity remains strong through October and November before quieting down for the Christmas holidays. This year, activity remained flat after Labour Day, in fact, it didn't really pick up until mid-November!
I think what we see happening is the Buyers who maybe would have bought in September waited until now causing a bit of a back-up. Deals are being done and the office is seeing more multiple offers than they have in quite sometime. Showing requests are up, Open House numbers are up and my friends in the mortgage industry who dealt mostly with mortgage renewals last year are seeing more people coming in for pre-approval on new mortgages.
What does this mean for you? If you are looking to buy, there is more competition in other Buyers looking at the same properties meaning you have to act quicker and the deals may not be as good as they were recently. On the Sellers side, if you price your home "in the market" and not just "on the market" your home should sell quickly, allowing you to move on with the equity from your home to make your next purchase.
Whether Buying or Selling, when you are ready, I'm ready to help.