Throughout America, there is higher real estate activity in the spring, summer, and fall. Generally, people do not choose to sell their houses in the late fall and winter. Homeowners would rather not be showing their houses during times that will interfere with Thanksgiving, Christmas, and New Years.
Cold winters make it harder to show houses for sale. Sellers who live there have fewer pleasant options for leaving the house for open houses and showings when it is nasty outside.
In sections of the nation that have cold winters, there is a significant spring real estate market. In parts of the country that don’t get so cold in the winter, there is less of a seasonal change.
Everywhere, people who are buying a property because of school-aged children prefer to move in the summer. They prefer that their children’s schooling is not disrupted. This increases demand for properties for sale during the spring and summer throughout the country.
The increased demand for housing in the spring creates a bit of a chicken-and-egg phenomenon. The more demand there is in the spring, the more sellers will choose to sell in the spring. The increased number of houses for sale encourages buyers to house-hunt in the spring. The increased buyer demand encourages sellers to put their house on the market… You get the picture.
Generally, sellers get their highest prices in the spring market. Generally, buyers have the highest number of properties to choose from in the spring.
Tips for buyers in the spring market
Deadlines:
Yes: If you have a school registration deadline or your lease expires at the end of the summer, you are likely to be shopping in the spring market. Be aware that you might face more competition because there are other buyers in your situation.
No: If you can move any time, you can shop in the spring to gain the largest pool of property options. If the competition is too much, watch the market. You have the option to keep house-hunting into the fall. There may be some better options then.
By the end of the summer, buyers who are looking for a new school district may have bought on deadline or slowed down their search. Some will wait for the next school year. People with August leases have probably renewed. Many of them will try again next year. When demand decreases, it is an opportunity for the remaining buyers, that’s you!