The beginning of spring each year typically marks the beginning of homebuying fever for many families. For many, the winter doldrums are over, and the warmer temperatures invite buyers to test the market for the right house. If you are thinking of buying this year, these five reasons might make spring the right time for you!
While spring usually marks a period of high inventory for the year, inventory has recently experienced an unfamiliar drop nationwide. According to Redfin, national inventory levels continue to decline by as much as 3.2%. Demand among buyers remains strong which means buyers will need to be strategic in their homebuying decisions. Buyers need to consider any advantages they can use over other buyers in the market such as getting pre-approved or waiving minor home inspection fixes to help the seller. Having a knowledgeable real estate agent will also help the buyer understand their options in making an offer or negotiating a good deal with the seller.
Home Prices Are Up
With the housing market experiencing a low inventory or supply and the buyer demand remaining strong, the prices on homes are going up. To put it simply, it’s simply a matter of supply and demand. This imbalance is the reason prices will remain on the uptick, so waiting for the situation to change may not be the best solution for someone wanting to buy a home sooner rather than later.
Tax refund deposits are hitting bank accounts, and the extra cash is a strong incentive to launch potential buyers into the housing market. Maybe the refund finally gave them enough to put down a 20% down payment or save for closing costs. Of course, there are various loan programs available to buyers that allow use of gift funds for a down payment or to buy with as little as 3 percent down for qualified buyers. No matter which program fits your financial situation, a tax refund can give a potential homebuyer more buying confidence!
Summer School Break
Closing on a house during spring means there is a better chance of moving in during the summer which can be a great advantage to both the buyer and seller. Schools are out for the summer, which makes it an easier transition for families with kids. If your kids should have to change schools due to your new location or neighborhood, they can finish up at their old school without having to transition during the school year.
Speaking of moving, you shouldn’t have major concerns over the weather if you are moving more towards the summer months. Sure, it might be hot, but you shouldn’t have to worry too much about a rainy spring or a snowy winter. Plus, the clear skies will help make your move go faster and lessen the chances of damaging any of your furniture or electronics.
If you are ready to buy and have questions about getting pre-approved for a mortgage, make sure to reach out to us. We’ll show you the way home!