The housing market is usually the busiest in the spring. Many buyers wait until then to start looking for a home because they think it’s the best time. But that isn’t always the case, especially if there are other buyers in the market at the same time. Here are some reasons why it makes sense to buy a home before the spring market picks up.
It is expected that the spring season would bring a swarm of buyers to the real estate market.
Most years, the housing market moves in predictable ways based on the time of year. Winter is usually a slow time of year, but in the spring, a lot of people start looking for homes. And experts say this year won’t be any different.
Right now, there aren’t many people looking to buy. This is because of normal seasonal changes and a reaction to the rise in mortgage rates last year. But rates have been going down since November of last year, and more and more people who want to buy are planning to do so. This means that if you are in a good position to buy right now, you should do so before more buyers come back. Affordability is getting better, but for now, demand is still low. The National Association of Realtors’ (NAR) Chief Economist, Lawrence Yun, says:
“. . . expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”
If you’re ready to buy a home, right now is the best time to do so before your competition grows and more buyers enter the market.
Sellers today are eager to sell.
When there aren’t many buyers, sellers are often more willing to work with you. This can help you buy a home on your own terms. In fact, there have been fewer buyers on the market this winter, so sellers have been more willing to work with buyers. One recent article from Forbes says:
“. . . sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter of last year.”
But remember that this winter’s benefits for buyers won’t last forever. If you wait until spring to move, you might have more competition, and sellers will be less likely to negotiate with you because more people want to buy. Talk to a trusted real estate agent to find out what you can expect in the market where you live right now.
If you can afford to buy a house, you might want to move before spring. The best way to learn about the market and what it means for you is to work with your team of expert real estate advisors. Talk to a pro right away to figure out the best way to reach your homebuying goals.