Spring is in the air, and homebuyers are coming out of hibernation! With the weather warming up, we’re quickly transitioning into the time of year that’s considered a hot period for the housing market. As the recession becomes a distant memory, homeowners are gaining confidence, and between stronger home values and buyers’ ability to pay, there’s no time like the Spring to sell (if you’re in the market to move, that is).
It’s the right time of year.
You’ll find very few people who dispute the claim that Spring is the best season for selling a home- the flowers are in bloom, the sky is blue, and people are chomping at the bit to get the closing process started so they can settle into their new homes before the Fall. Homebuyers often taper off in the Winter, due to poor weather and holiday obligations, leading people to get anxious to start touring homes in the Spring. Once the weather starts turning, people get excited about going out, especially if they’ve just spent the last few months looking at homes in dreary weather.
Right Market, Right Place
Markets across the country have returned to pre-recession levels, with some homes reaching beyond that point as well. Between low-interest rates and low single-family housing inventory, there are a lot of eager homebuyers that have to compete for what’s on the market. Given that there are more buyers than homes available, homeowners looking to sell have a great opening. The opportunity is particularly good for those that held off to wait until home values rose.
New Buyers Galore!
We’re reaching the point where millennials are ready to join the homebuying party, with recent studies finding that millennials make up 35% of recent homebuyers, the largest group for the third year in a row. Owning a home is becoming more desirable to millennials, and it’s also more feasible for millennials that have spent at least a few years working and saving. Given that this generation has also grown up with technology, millennials also enter the real estate market with a greater understanding of the homebuying process, as well as what else is available. The level of empowerment for a buyer or seller today is light-years ahead of 20 years ago, when you couldn’t even enter the market without first calling an agent. Furthermore, homeownership has been a rite of passage for generations, and a point of pride for many.
Get Started
There’s still time to get your home on the market this Spring, so to take advantage of the growing number of interested buyers, give your agent as much notice as possible before starting the home-selling process. Be sure to also prep your home, putting its best face forward, price it right from the start, and stay competitive by paying attention to other homes in the area.
Source: U.S. News & World Report