Spring Buying Season

Is there really a ‘right’ time of the year to buy a house? The answer is ‘it depends’. There are a number of factors related to real estate that may fluctuate with the seasons. During the spring season, house inventory can be plentiful but competition may ramp up as the season gets under way. Winter can see a reduction in house prices but then inventory could well be lower and moving could be impacted on the weather depending on your location.

While timing is important, it’s also not the one single factor that you should pay attention to. The conditions of the broader market and your personal needs are two other important factors that need to be considered.

Therefore, it’s best to understand the pros and cons of buying at certain times of the year and then deciding what’s best for you. In this article, let’s take a look at what you need to know about buying a house in the Spring Season.

Spring

Spring is when the real estate market really starts to heat up (and not just because of the weather). As parents start to eye the end of the school year, buyers and sellers start to appear in larger numbers. This can create a vibrant marketplace for real estate.

Of course, with the increase in choice of properties, the competition for those houses can also increase. Remember, one of the reasons that house inventories tend to increase in the spring is because that is when houses tend to show better. Trees and shrubs tend to be in leaf, flowers start to bloom and lawns look lush and green. In general, houses look a lot better in the spring sunlight rather than the gloom of winter.

Another factor driving the spring market is pent-up demand. Many buyers and sellers tend to sit tight during the winter months. When sellers start to list their properties in the spring, buyers are ready to check them out. Families look to make a purchase and move before the new school year starts and perhaps before their summer vacation.

While spring is a great time of year to buy a house, you may need to move quickly to get the one you’re after. This is not a time to be indecisive or take a week to think about the decision. Given the challenges and opportunities in the spring season, the following tips should help you get a jump on the competition

Preparation

If you’re new to the area that you plan to move to, spend some time before the spring season getting to know the area. Chat to the locals and visit the local real estate agents. Drive around the neighborhoods that appeal to you at different times of day and on different days of the week.

Focus on the house, not the owner. Rather than getting hung up on whether the house is a foreclosure or a short sale, think about the location and focus on your basic requirements.

Making An Offer

Think about how much the home is worth and less on the asking price. Check out comparable sales to get a better idea of the actual value of the home. However to know the most accurate, current data we need to have the active listing comparisons AND what is currently "pending" under contract in the process of closing soon. These two categories provide the most current information

Remember, the key is to secure the house that you want at a price that you can afford. If that means you need to pay an extra $5,000 or so, don’t panic. It will make little or no difference in the grand scheme of things when you divide it over a 15, 20 year mortgage.

In a competitive market offering to waive some contingencies might help your offer stand out (Never oil tank sweep). If you’re in a position to waive appraisal that carries tremendous weight in appeal to sellers, and also flexibility in closing dates. Many times offering to allow a period of lease back for the seller post closing. Allows them to home seach without a home sale contingency

Susan and her team can help you navigate the market and get you moved to the next stage of your life.