Spring Homebuying: 3 Reasons to Buy This Spring

Posted by on Tuesday, March 29th, 2022 at 11:05am.

What to Know About Buying a Home in Spring Spring has sprung and a young man's fancy turns to thoughts of... real estate? Perhaps not, but now that the weather is warming up in the Okanagan, real estate sales tend to pick up along with the temperature. Does that make it a good or bad time to consider buying a home? Here are a few thoughts on why you should buy a home this spring.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Early Bird Gets the Worm

Spring is typically the time that homeowners considering a move start trying to sell their property. The resulting boost to inventory means that this season is the best time to find that perfect-for-you home. The longer you wait, the more picked-over the selection will be.

Buying in Spring Gets the Best Moving Dates

Many households find that the best time of year to move is in the summer after the school year ends, and closing a home sale often takes about 60 to 90 days. If you're able to buy a home in the spring, you'll be able to lock in a summer moving date.

Spring is a Great Time for Home Showings

Winter weather can make viewing homes a chore, what with the cold weather, dead landscaping, and icy roads. The opposite is true in the spring. Homebuyers get to see the curb appeal of the landscaping they're buying in its full form, and they can take tours of homes without having to bundle up. If you buy in spring, you'll get to see the home you're buying in its best light.

Tips for Spring Homebuying

Competition can get fierce during this season since everyone has the same idea about the best time to buy a new home. Here's some advice for staying ahead of the curve.

Prepare Before the Rush

Getting a good idea of where you want to buy will help you efficiently sort through home listings once they start coming on the market. Spend a few days before the spring homebuying season driving through area to see which areas might suit. Find out which real estate agents specialize in the neighbourhood. Make sure to get a preapproval letter from your mortgage lender, too.

Know You're Going Into a Seller's Market

Buying a home in a seller's market is not a situation in which you want to be indecisive. Being conservative with an initial offer in the hopes of getting a deal may lead to losing out to a buyer who came in with a strong offer. Prepare for the possibility of having to make a snap decision by spending some time ironing out must-haves, dealbreakers, and other criteria, and know that you might have to come in above the asking price.

Non-Price Ways to Give Stronger Offers

There are all sorts of negotiations and concessions that can give buyers an edge on the competition, and not all of them involve paying more than the other offers. Some non-price factors that can make an offer more appealing to sellers include:

Putting down a larger earnest money deposit
Being flexible on timelines
Waiving contingencies
Writing an offer letter

Be very careful about waiving conditions—for example, while an offer not contingent on a home inspection may look attractive to the seller, it's also an extra risk on the biggest investment most people make in a lifetime. Consult with your real estate agent on other options first.

Get Into Your Dream Home This Spring

There's no time like the present to take the plunge into homeownership. With the market heating up, you don't want to wait any longer!

As always, if you have any questions about buying or selling a home in the Okanagan, please don't hesitate to reach out. We've got the latest information on the current state of the Okanagan real estate market to help you find the right home this spring.