All over the country Spring is finally in the air. After a long, cold winter people are ready to get out, enjoy the warmer weather and start looking at real estate. It is no secret that Spring is a popular time in the real estate market. Statistically speaking, more homes are sold in May and June than any other two-month block during the year. With more loan programs hitting the market every day coupled with steading interest rates it is not hyperbole to say that if you want to list your home now the perfect time. Here are a few reasons why listing in the Spring makes the most sense.
Change in Weather. There is no getting around it – people are influenced by weather. Anyone who has felt the chill since Halloween can attest to this. For many people weather impacts their decision to leave the house and how much time they want to spend outside. Buyers do not want to get in and out of their cars on a cold day. A majority would rather wait until the weather is warm to start their search. With warmer weather, more people are inclined to get out and spend a day looking at real estate. Many buyers have been waiting since January to get started and have targeted May and June as the ideal time to start.
End of School Year.Over the next few weeks school is out across the country. There is a large segment of buyers who have waited until the end of the school year to start their search. Buyers do not want to have to uproot their children in the middle of the school year. Once the year ends they know they only have a few months to get settled into a new house before the start of the next year. This increases the urgency to start their search as quickly as possible and get an offer submitted right away.
New Inventory = More Buyers. Sellers know how challenging it can be to list a home in the winter. Many sellers hold off listing until the weather changes. This creates an increase of new inventory that is also attractive to buyers. Instead of the same handful of properties new inventory creates excitement which also creates a sense of urgency for buyers. In many markets supply currently exceeds demand. With a new listing interested buyers come out in droves which generates a buzz which ultimately produces higher prices and quicker transactions.
Increased Savings.Many buyers are at their financial peak at the end of Spring and start of Summer. The holidays are months away and they have recovered from any drain on their credit cards and savings accounts. Additionally, many have their tax return to use as a down payment. In recent months, there has been an influx of new loan programs designed for borrowers with reduced down payment. You can currently get approved for a loan with as little as 1% down. These has opened the buyer pool to many buyers who previously could not get approved. Buyers are willing to forgo any summer vacation if they know they can be homeowners.
If you are thinking about listing your home you should take advantage of the Spring selling season. With low interest rates, new loan programs and warmer weather now may be the perfect time to get your property sold.