Why is Spring the Best Time to Buy or Sell a Home?
By Chris Petry
Ah… Springtime. It’s a magical time, when the flowers bloom, the days grow both longer and warmer and the birds, bees, leaves and trees all awaken from their frozen slumber. Joining them, typically, is the housing market. After months of bitter cold, and with time to financially recover from the excesses of the holiday season, buyers and sellers alike emerge with a renewed enthusiasm to pursue their real estate goals.
NAR.com reports that home sales increased by nearly 10% in February this year. The largest increase in sales in well over a year. Why? Inventory is increasing. Why is inventory increasing? Well, there a couple reasons that might explain the bump. First, it’s worth noting that home interest rates seem to have plateaued. Which is to say, while they’re still higher than they were five years ago, they don’t appear to be in any danger of increasing by that all that much as the year wears on. Since the current average interest rate has held at around 7% over the last several months, it more likely implies that rates will not be climbing OR dropping exponentially in the near future. That reality is finally setting in with sellers who have delayed their real estate plans, waiting for more “normalcy” in the market. So, they’re listing again. Buyers are also beginning to adjust to the current reality of the market and preparing to implement steps to achieve the dream of homeownership. After all, refinancing later down the road, is always an option.
There’s also the undeniable fact that the warmer weather itself is motivating for people. People are less likely to bail on their morning or evening run. They’ll spend more time engaging with other human beings and find themselves less likely to press “I’m still here” when their streaming app decides to check in after spending four hours contorted like a pretzel on the living room couch. They’ll occupy themselves with sporting events, fishing and kayaking excursions, camping, birdwatching and swimming. In other words, things that are better for both body and mind. When people feel healthy, happy, driven and productive, they’re more likely to tackle things they’ve been putting off. You know, like preparing their home for sale or seriously considering a path to homeownership.
Finally, because of the historical reliability of an uptick in home listings and sales in the Spring season, people are likely more incentivized to engage with the market. In other words, since Spring is perceived as the optimal time to buy or sell a home, buyers and sellers alike will become more active in the Spring season.
Whether you’re buying or selling, Berkshire Hathaway HomeServices The Preferred and Stouffer Realty have your back. Our agents are among the best trained, market savvy, and technologically-equipped in the business. Reach out to your local branch of Berkshire Hathaway HomeServices The Preferred or Stouffer Realty today, to get started.
