Why You Should Buy a New Home During the Spring
Spring has sprung! The showers are over, and the flowers are out! The weather is glorious, and everybody with cabin fever is eager to get out and about town to search for that new home to buy. It’s the best time to start shopping for that new home! Keep in mind, if you fall in love with the brick home with the picket fence, you’ll need to act quickly. Spring is the busiest season for home purchases. Spring brings ample opportunities to find that outstanding homestead. The great weather supplies fantastic lighting and amazing curb appeal for those marketing photos. Real estate agents are buzzing like bees with buyers requesting showings left and right. Along with the flowers, new listings bloom abundantly in the Spring season. Now is the time to buy a new home.
More competition comes along with the additional inventory of homes for sale. A greater number of families are looking to buy right now, in the hopes of getting moved in by summer’s end. With a standard closing of 60-90 days, most homes purchased during the spring months result in move-ins running mid-June through August. Buyers start getting antsy and tend to compromise their demands, in exchange for moving to a new district before school resumes in the fall.
This is the most popular season for homeowners to list their real estate for sale. With tax refunds expected, more homebuyers are in the market to snag that quintessential address. Many potential buyers utilize their tax refunds for larger down payments, funding inspections, or helping to pay for that big move. Real estate agents are aware spring is THE season for home sales.
Building New Homes
The same concept applies for homes being built. Most clients assume construction doesn’t take place during the winter months. However, with our mild climate, new construction continues year-round in our area. Once again, those tax refunds come into play when it comes to down payments and deposits. Spring is the time for new beginnings, so people just naturally want to start seeking new homes as the weather continues to warm.
Home inspections and final walk-throughs are more easily performed during spring months. Signs of deterioration are more easily spotted as potential buyers spend more time outdoors, leisurely walking the property with their agent and looking around. Without the cold, dreary days of winter or summer’s stifling heat, home buyers are more attentive to the scenery and landscaping each home has to offer. They’re more apt to fall in love with the curb appeal of a home during the spring months when love and new beginnings are at their peak. Spring’s soft sunshine and amazing temperatures can charm those buyers from thinking, “Maybe” into “Definitely!”
As the season continues and inventory starts trickling, asking prices will start dramatically climbing. With a larger demand for houses, bargaining power is nearly depleted. Sellers become less desperate, enabling them to demand higher selling prices. Buyers face the most competition from opposing offers. Competition becomes that annoying biting bug amongst homebuyers. The competition makes the spring months a seller’s market. Houses sell faster for higher premium prices. Buyers need to become savvy, strategic, and quick-acting. Your competitors may even be willing to waive negotiations to improve their chances of snatching that sale out from under you.
If you stumble upon your perfect home, act swiftly. Be sure to have that mortgage preapproval. Offer the seller their asking price. Remove any contingencies, demands, or requests. Put down that earnest money, or even better, offer up a higher down payment. If you sit back and attempt to wait it out, you just might witness somebody else’s moving truck pull into “your” driveway! Don’t just sit there! Spring into action and go nab your dream home!