Spring is the busiest season for the housing market. Many buyers wait until spring to make their move as they believe it’s the best season to buy a home. This is not always true when you consider the competition you might face with other buyers at this time of year. Here are some reasons why spring should bring a wave of buyers to the market if you are ready to buy a house.
The housing market experiences predictable seasonal trends in activity. Winter is usually a quiet time of year, while spring sees a spike in buyers beginning to search. Experts predict that this year will not be an exception.
Buyer demand is low right now due to normal seasonal trends as well as a reaction to the rise in mortgage rates last year. Rates have been falling since November last year, which means more buyers are looking to get into the market. This means that right now is a great time to buy if you are in a good place. While affordability is improving, demand is still low. Lawrence Yun, Chief Economics Officer at the National Association of Realtors® (NAR), shares:
“. . . Expect sales to pick back up soon, as mortgage rates have markedly fallen since peaking in late last year.
Now is the best time to buy a house if you don’t want to be outdone by other buyers.
Today’s Sellers are Motivated
Sellers are more likely to work with buyers when there is less demand. This can help you buy a home that suits your needs. Because there are fewer buyers, sellers have been more open to negotiations this winter. Forbes recently published this article:
“. . . 41.9% of the home sales in the fourth quarter last year were made by sellers who offered concessions to buyers.
Keep in mind that the winter advantages buyers enjoy won’t last forever. You could face greater competition if you wait for spring to make a move. Sellers will be less motivated to negotiate with sellers if there is increased buyer demand. To find out what is happening in your area, consult a trusted realty professional.
Bottom LineIf your finances are in order to purchase a home, you might consider moving before spring. Your team of experts real estate advisors can help you learn more about the market and what it means to you. Get in touch with a professional to discuss the best way to achieve your homebuying dreams.
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