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Is Spring The Best Time To Buy A House

Apr 06, 2022

You may have heard that spring is the best time to buy a house. Despite the warm weather and changes in people's behavior around this time of year, is spring really the best time to buy a house?


There are tons of myths about the home buying process, but one of the most common is that there is a right time to buy or sell your house. As the spring market myth goes, the weather warms up, flowers start blooming, and the school year is wrapping up for students. After the long and cold winter months, buyers and sellers defrost and enter the market with a new vigor ready to pay top dollar for a new home in the warmer months. 


Now while some of that may be true, what really determines the best time to buy or sell is the condition of the housing market and you  specific situation.


Spring Market 2022


This years spring housing market is going to be hotter than ever. With the combination of low inventory, increasing prices and mortgage rates, as well as increasing demand, buyers and sellers alike may find this market tougher than ever. 


As we start to feel more comfortable coming out of our homes after COVID-19, eager home buyers will find historically low inventory to pick from. According to realtor.com, “The number of homes for sale was down 28% in January compared with the same time last year.” As the largest demographic reaches peak home buying age, there just simply aren’t a lot of homes to go around. 


Additionally, home prices are continuing to go up despite rising mortgage rates. Buying a house is already one of the largest investments you could make, and with the historically low mortgage rates over the last several years, buyers who waited out COVID-19 are eager to take advantage of the market while they still can. However, because demand is so high and inventory is so low, sellers are still able to price their homes for top dollar and can still expect a couple offers on their home. Rising prices and rates also have forced those younger first time home buyers to continue waiting on their dream of homeownership as it becomes more and more expensive.


While all of this may sound dreary, it’s important to know that these conditions don’t make it impossible to start your home buying journey.


Tips For Home Buyers and Sellers This Spring


Home Buyers: Know how much house you can afford. Before you even start looking at homes, meet with your loan officer and figure out how much you can be pre-approved for. In a competitive market with rising home prices, you want to create a strict home buying budget to ensure you aren’t spending beyond your means or falling in love with a home that isn’t realistic for your specific situation. A pre-approval letter shows sellers you’re a serious and reliable buyer. 


Home Sellers: While demand is still high, you may not want to bank on intense bidding wars. It’s important to recognize your position in this market and how to best show up for prospective buyers. Consult with your real estate agent on the best way to price your home in your local market. Your real estate agent will be able to help you decide on the best number that is both fair and competitive. Remember that as a seller, you’ll soon be on the flip side looking to buy!

Home Buyers: Be prepared! Due to the low inventory and heavy competition, homes will continue to fly off the market faster than they come on. Nail down your wants vs. needs list, get your pre-approval, and do your research on the neighborhood/community you want to be living in. It’s also important to ensure you have all the necessary documentation to complete your mortgage application as well as ensuring your savings for the downpayment and closing costs are in check. Having all of these decisions made and done before even starting the process will save you time and an extra headache.


Home Sellers: Be prepared! If you know you are going to be selling your home this year, get ahead of schedule and start your home maintenance and major upgrades now. If you’re looking to finish your basement or upgrade your kitchen before selling, you want to get those projects started as soon as possible as supply chain issues and labor shortages persist. These projects will take more time than you think and could be the reason you miss out on another strong seller’s market. 


Whether you’re looking to buy a new home or sell your existing home this spring, the most important thing to remember is that you should do it all in your own time. Consider all aspects of your specific situation as well as your local housing market to make an informed decision about the best time for you to move forward. 



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Q1 Recap

By Mikaylah Collins • 12 Apr, 2023
We've begun to see signs that the Spring Market is here and could be robust! Here is what we know: According to NAR, home sales were up 14% in February over the previous month which marked the biggest monthly increase since July 2020. While March results are not yet published, the mortgage industry saw an increase in purchase applications for the 3rd straight month; a great sign for the housing market. Driving much of this activity is the stabilization of rates in January & February and lower interest rates this past month. We’re starting to see signs of a slowing economy and the markets are now pricing this in. This week we saw the 10-yr Treasury drop under 3.4%, a level it has not reached for quite some time and the lowest it’s been since September 9, 2022. This is great news for consumers as decreasing rates mean more home affordability. Over the past year, most markets have seen home prices stabilize if not even decline, albeit by a very small amount. This stabilization was still a relief for homebuyers as it helped to offset higher interest rates. As rates continue to decrease, we would expect home prices to again increase due to demand increases. In addition to increased demand, there is still a shortage of homes for sale nationwide and that will continue to worsen as more and more homebuyers enter the market.  So what does it all mean? Now is a GREAT time to buy a home! Rates and home prices are stable, there is not as much competition as there will be when rates do decrease, and buying a home is still extremely affordable for most. Once rates fall, we will likely see home prices rise and the competition for the shortage of homes will increase alongside it making the window of a buyer-dominated market very small.

Q1 2023 Market Outlook

By Sarah Rubin • 10 Feb, 2023
We are well into Q1 and feel confident saying that the market appears to be stabilizing. Before we start looking forward, let’s quickly look back at the end of 2022.

Finding The Right Listing Agent For You

By Sarah Rubin • 15 Dec, 2022
Buying a home is a huge investment and one we talk about often - BUT the flipside is that you have an opportunity to cash in on that investment when you’re ready to sell your home! While you do have the chance to cash-in, a lot more work goes into selling a home than you might think! If you are considering selling your home, working with a listing agent will help you market your home, negotiate with potential buyers, work through paperwork, and ultimately close on your home! So what is a listing agent? In its most basic terms, a listing agent is a real estate professional who represents the seller in a real estate transaction. The listing agent lists the home for sale and works on behalf of the seller to sell the home at the best price and terms for their client. Listing your home is a BIG deal and it is not a place to try and DIY. But why can’t you just grab a sign at Home Depot and try and sell yourself? Well, there are lots of reasons some of which include: Professional consultation: A listing agent will walk you through each step and tell you what to expect along the way! They should understand the specific community you’re in and the current market environment and will help you determine a competitive but realistic asking price for your home. Marketing and selling your home: Your listing agent will list your home on the multiple listing service (MLS) in order to better market your home to potential buyers. They also can make staging recommendations and hire a photographer to best show off your home and its features. They’ll schedule house showings, and can be present to answer any questions. Communication and negotiation: Communication is key to both buying and selling a home in order to minimize stress and misunderstandings. Listing agents take care of this important task, by staying in touch with interested buyers and their agents, fielding questions, handling paperwork, and negotiating the final sale price and terms. Recommendations: Seasoned listing agents might come with a list of professionals who they have worked with in the past that they enjoy working with in order to make the selling process smoother for you! Some of these professionals include: real estate attorneys or title companies, inspectors, stagers, those who specialize in home improvement AND of course trusted Loan Officers. How do I find the right listing agent for my situation? In order to find the right listing agent for you, make sure your agent is licensed and has experience, references, and a professional website where you can learn more about them and their qualifications. Most real estate agents work with both buyers and sellers, but some might specialize in one or the other. Once you find a few agents through referrals or online research, meet with them in person to ensure they meet your needs and work well with your personality. It is also important to ask questions during your meeting with them and it’s imperative that you determine what you’re looking for in an agent so you make sure you are happy with the product being delivered. Selling a home can be stressful, especially for first-time sellers. A listing agent can help by taking on some of the burden and providing the information and resources needed to help sellers make informed decisions. We work with agents on both sides of the transaction – if you have any questions or would like a recommendation for an agent in your area, please reach out to us!
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