Spring is usually the busiest season in the housing market. Many buyers wait until then to make their move, believing it’s the best time to find a home. However, that isn’t always the case when you factor in the competition you could face with other buyers at that time of year. If you’re ready to buy a home, here’s why it makes sense to move before the spring market picks up.
Spring Should Bring a Wave of Buyers to the Market
In most years, the housing market goes through predictable seasonal trends in activity. Winter is typically a quiet point in the year, while spring sees a surge of buyers begin their search. And experts project that this year will be no exception.
Buyer demand is currently low due to a combination of expected seasonal trends and a reaction to last year’s rise in mortgage rates. But rates have started to come down since last November, which resulted in more and more potential buyers planning to jump into the market. That means right now is a sweet spot if you’re in a position to buy before more buyers reappear. Affordability is beginning to improve, but demand is still low — for now. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), shares:
“. . . 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.
Today’s Sellers Are Motivated
Low demand from buyers often means sellers are more motivated to work with you, which can set you up to buy a home on your terms. In fact, sellers have been more willing to negotiate this winter because fewer buyers are in the market. According to a recent article from Forbes:
“. . . sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter of last year.”
But keep in mind, the advantages buyers have this winter won’t last forever. The competition could be greater if you wait until spring to make a move, and increased buyer demand means sellers will be less motivated to negotiate with you.
If you’re in a position to buy a home, it may make sense to move before spring. Working with a Martino Realtor is the best way to learn about the current market and what it means for you. Connect with us today to determine the best plan to achieve your home-buying goals