Everyone seems to be buying during spring market…
Spring has definitely sprung—and that means it’s time for Spring Market. The busiest season in the real estate market, the Spring Market is when buyers and sellers hit the market in a big way. With more inventory, you’re more likely to find exactly what you want, while getting the added bonus of having the summer months to make the move and get your kids situated before school starts.
That said, there’s a lot of misinformation swirling about Spring Market. Read on for our Q&A tied to all things spring. From here—and by working with your Suburban Jungle Strategist—you’ll be well positioned to navigate this all-important season like a pro.
What is Spring Market?
The Spring Real Estate Market is traditionally the most active period for buying or selling a home in the US. Everyone has a different opinion on why—public school calendars, summer vacations, warmer weather and, of course, that more homes hit the market in spring than any other time of year.
When is Spring Market?
The Spring Market varies across the US but typically takes place during April, May and June. Nationwide, the Spring Market peaks during the first half of May, when homeowners can expect to sell their homes two weeks faster than other times of the year. However, most buyers have begun the Spring market earlier and earlier… typically now using Superbowl weekend as the kick start.
Do more people really buy in spring?
Yes! Since 1999, existing-home sales have expanded by an average of 33% from February to March and continued to grow a rate of 10% month-over-month until June, per the National Association of Realtors.
Inventory levels for housing peaks in every major market during these months, making it the ideal time to find the right home in the right suburb.
Should I buy during Spring Market?
Buying during the Spring Market is a big decision. While potential buyers benefit from a wider inventory, you’ll likely also face increased competition. That said, there are a ton of benefits, including:
AGAIN, more inventory. You have a better chance of finding the right home—in the spring, inventory is its highest. This is especially beneficial when you’re shopping with a certain school boundary or commute in mind.
Prime properties to choose from. Sellers know that Spring Market is a hot time to list their home, and most spend months leading up to it preparing their homes for the rush. For potential buyers, that means homes are in good repair and have little extras such as a new coat of paint or fresh landscaping to help cinch the deal.
Ample time to move. Closing on a new home in late spring or early summer is ideal for families—you’ll have tons of time to sell your current home (if applicable) plus pack, move and get settled before the new school year begins.
Prime house-hunting weather. Looking for a home in the fall and winter can be deceiving; leaves, snow and seasonal changes make it difficult to really inspect the property and structure. During the spring, it’s easy to thoroughly vet the house – plus you can take in all the beauty your potential town and neighborhood has to offer.
Nice weather for moving. Who wants to move in the snow, sleet and bitter cold? No one. Ever. Even if you live in a part of the US with a balmy climate, you never know what Mother Nature will throw your way—and that’s not to mention that most Americans are busy with the holidays during the winter.
What are the drawbacks to buying in spring?
Considering the benefits of the Spring Market, it’s easy to see why it’s the most frenzied time of year for home-buying. That said, there are a few drawbacks that prospective buyers should be aware of, including:
More competition. In spring, you’ll need to strike while the iron’s hot. Shoppers have less time to think about offers—do, and you could risk losing the property to a ready buyer. It’s also common to see multiple offers on a desirable house, so be prepared to make a deal.
Higher prices, sometimes. Often referred to as a seller’s market, many homeowners wait until spring rolls around to list their property in hopes of getting the highest price possible (and fast).
Slower mortgage process. Demand for mortgage services soars in the spring, potentially causing delays and other challenges for buyers. Getting prequalified in advance can make or break a time-sensitive sale.
Another common concern? The “mid-year” move. If you opt to move your kids before the school year ends, don’t worry. There are tons of benefits to starting a new school in the spring and, come fall, they’ll be able to slide right in without missing a beat.
There are hundreds of towns to choose from. How do you figure it all out? You simply don’t, without getting a Suburban Jungle Strategist to help you through it all. Schedule here for your strategy session with our innovative suburbs strategy team. All services are completely free.