This is the time of year real estate agents look forward to; spring is usually when housing sales heat up.
But this year, the long winter has meant fewer houses on the market. Spring is here, but the stubborn snow and cold weather are making business difficult.
“Winter won't give up, so people really don't want to have their house on the market in this type of weather,” says Jerry Hay, president of the Barrie and District Association of Realtors. “Obviously if they've got good landscaping and stuff, you can't see it because it's covered in snow.”
Hay says it's been a rough start to the season. Fewer homes are going up for sale, prices are starting to climb, and bidding wars are happening more and more. That’s making Barrie a seller's market.
“We've got purchasers out there waiting to make a purchase and we can't find them the house they desire because our inventory is so low,” says Hay.
The weather isn't the only challenge for people wanting to buy a home in Barrie. Increasingly, people from the GTA are moving to the area, creating stiffer competition and even more demand.
“When they come down and they don't know the market quite as well as, then they may be more inclined to go over budget if that's something they're used to,” says Chris Messecar, a real estate agent.
And it's not just Barrie. The pressure is being felt across the region. The bottom line is people who want to buy need to be ready to act quickly.
“You have to do your homework before and that's why people are losing out. You can't just sit around after the fact and hum and haw about whether you want a home. You need to know before you go in,” he says.
Realtors say if you list your home at market value it's not uncommon for it to be sold for $5,000 or $10,000 above asking price. But they're hoping that when the spring weather really hits, the market will balance out.
