Why It Makes Sense To Move Before Spring
The housing market is often busiest in the spring. Many buyers decide to hold off until then because they think it's the finest time to find a property. When you consider the competition you might experience with other buyers at that time of year, though, it isn't always the case. Here are some reasons why it makes sense to buy a property before the spring market kicks up if you're ready to do so.
A Wave of Buyers Should Enter the Market in the Spring
The housing sector typically experiences predictable seasonal fluctuations in activity. The winter months are usually rather quiet, while a wave of purchasers start their searches in the spring. Experts predict that this year won't be any different.
Due to a mix of typical seasonal tendencies and a response to the increase in mortgage rates last year, buyer demand is currently low. But since last November, rates have begun to decline, and more and more prospective purchasers are preparing to enter the market. Therefore, if you're in a position to buy now, do so quickly before more buyers start to materialize. Demand is still low for the time being, but affordability is starting to increase. Chief Economist Lawrence Yun of the National Association of Realtors (NAR) offers the following:
“. . . expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”
The greatest time to purchase a property is now, before your competition increases and more buyers enter the market.
The Sellers Of Today Are Motivated
Low buyer demand frequently results in sellers being more willing to work with you, which can enable you to purchase a home on your terms. Because there are fewer buyers on the market this winter, sellers have actually been more amenable to haggling. According to a recent Forbes article:
“. . . sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter of last year.”
But bear in mind that this winter's advantages for buyers won't persist indefinitely. If you wait until spring to act, your competition may be more intense, and sellers will have less incentive to deal with you due to the increased buyer demand. Work with a reputable real estate agent to find out what is currently happening in your neighborhood's housing market.
To sum up
Moving before spring may make sense if you're in a good position to do so. The best approach to learn about the current market and what it implies for you is to work with your team of knowledgeable real estate experts. Let's talk right now to figure out the best strategy for achieving your home-buying objectives.