For many, springtime means sun, flowers and excitedly making plans for the summer. But if you’re in the market for a new home, springtime for you could look like open houses and competitive offers.
Here’s a guide to help you understand the spring real estate season and determine whether or not you should be buying in the coming months.
What Is The Spring Real Estate Season?
The spring real estate season is well known for an influx of new listings and open houses. For many, the winter is not an ideal buying season (despite lower prices), due to difficulties with transportation or simply the gray skies and slush which can put a damper on the home buying process.
The supply and demand for housing can be frenzied in the wake of warm weather, lawns that are once again lush and green, and the ability to attend open houses. But depending on your situation, the springtime could be the perfect time to buy for you and your family.
Why Is Spring A Good Time To Buy?
The National Association of REALTORS® finds that home prices are highest in the summer and lowest in the winter, leaving fall and spring somewhere in between.
But despite the low prices you may find in the winter, for many, difficulties lie in traveling to open houses across icy roads or through snowy weather. Since the days are also shorter, it can be difficult for the home buyer to visualize everything that a property has to offer against dark skies. Not to mention, the winter months are usually hectic enough with the holiday season in full swing.
On the other hand, with the spring real estate season things like road conditions, holidays, or weather most likely won’t pose an issue. Moving either by yourself or with a moving company shouldn’t raise any safety concerns – although you may have to pay a moving company more than you would in their off-season.
In the springtime, prices aren’t at their peak yet, and you may even be able to get a great deal on a stagnant listing that didn’t sell throughout the winter.
When Does The Spring Housing Market Start?
The same way that warm weather varies throughout the country so does the beginning of the spring housing market.
For most regions, the spring market begins in April and lasts until June, with July marking the start of the summer housing market. But if you’re from a warmer area, the spring season may begin as soon as January and last until May; if you’re from a colder region, your spring market may be much shorter depending on the season, as it will coincide with the melting of snow.
Tips And Tricks
When it comes to buying a house at any point in the year, you want to do everything you can to get the best deal and have a seamless transition into your new home. Here are some best practices to help guide you when buying a home in the spring:
With the potential for an overly competitive market in the springtime, it’s of the utmost importance that you have done your research and know exactly what you want. Being decisive and prepared can be the best way to edge out other offers or snag your dream home before the price goes up.
In addition to knowing what features you want in your dream home, here are some other things to research well before your spring real estate season:
- The value of other homes in the area
- What the neighborhood and/or community has to offer
- Crime rates and reports according to the local police department
- The school district and its ratings
- Downtown area and local attractions
It can also be beneficial to have your loan options sorted well before entering the spring real estate market. In some cases, working with a local lender rather than a national or remote lender can give you the upper hand you need to close a sale.
Looking to buy? Contact us today to get started with all of your financing needs!