If you’re looking to buy or sell your home, the time of year matters, regardless of the market you’re in. Think about your timeline and where that timeline falls in real estate’s cycle. One you have your mortgage pre-approved, you may not have a lot of time to wait if you’re in a market that’s fast-paced.
Here’s what to know about a spring real estate market and how to have it work to your advantage.
1. Spring is still the most popular time
Spring is when everyone comes out of winter hibernation ready for change. Homes also tend to look nicer in the spring without ice in the driveways and muddy boots in the doorway. There’s more activity in the market as more are putting their homes for sale and more are buying.
2. There are some drawbacks to a spring market
More people are on the market looking for a home in the spring, which means you might have more competition. Be prepared to possibly pay more than the asking price if you end up facing others who want the same place. Summer brings a slower market as most people are thinking about their vacation instead of spending on new real estate. But summer can also be a great time to move, as you won’t disrupt your child’s school year.
3. How to compete in a spring market
If you’re trying to buy a home in April like many other people, you might want to have a strategy going in. Never be indecisive and don’t take too much time to think about whether you want the home or not. Know what you want before you enter the market so you can narrow down your choices quickly and know what home to compete for. Think about what factors you look for in a home. Don’t forget that location is one of the most important factors, beyond what you think of the owner.
4. Find a good realtor
Another key way to survive the spring housing market is to find a realtor who is on your side through the process. An experienced agent will work on your behalf to ensure deals don’t fall apart or that you don’t get taken advantage of.
5. Be prepared for the price
In today’s housing market, especially in the spring, prices are likely to be more than you thought. Most sellers get most of their asking price, or higher. Ask your realtor, but it might not make sense to wait until the price on the home drops, as it might be too late. In a spring market it is important to be prepared and focused on what you want.