Spring weather means the outdoors are pleasant and beautiful, which makes it a great time to go out and look at houses. There are a lot of positives to buying a house in the spring, but there are also some drawbacks based on the season due to competition.
Here’s what to expect when buying in the spring season for both buyers and sellers.
One of the best parts about the spring buying season is the abundance of inventory out on the market. Many houses are listed in April or May as families try to move before or during the summer so they can get set up for school in the fall and finish the rest of the year on a high note.
This means families are looking to sell quickly so they can move on to a new destination. Buyers have a lot of options to choose from, so they should be strict with their searches in order to not become inundated with homes.
However, despite all of the inventory, the competition for houses can become very stressful. Springtime bidding wars are common, especially in places that have a good school district.
Buyers in the spring should be ready to make offers quickly and act fast once they see a home they are interested in. Signing up for automated alerts can make it easy to jump on listings as they appear.
A lot of inventory also means a lot of open houses. This is great for buyers who like to tour homes and get a feel for the neighborhood before moving in. It also gives people a chance to get an idea for other potential buyers and their motivations. Plan out an open house map to make the most of your time and hit each house while a showing is going on.
However, this means the pressure to buy is intensified. You should be prepared by getting pre-approved for a mortgage so sellers will be more comfortable working and selling with you. This can give you an edge in the home buying process and help you close a sale more quickly.
Springtime home buying is also enjoyable because the weather is sunny and warm. During this time, homes are often listed at higher prices since sellers know people love to shop during good weather and have a lot of competition in regard to other buyers.
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You should be ready to pay the full price in the spring for a house, especially if you are a big fan of the location and overall listing. It is also smart to see if you, as a buyer, can offer something others are not able to, such as a longer closing period or a rent-back agreement. This gives the sellers more time to move away, which can persuade them to sell the house to you. Good agents can help navigate these processes and give you an edge.
House hunting in the spring does have its pros and cons, like any season. Buyers will be happy about good weather and a lot of different options to choose from since people are more apt to try and move during the spring.
Sellers will be inclined to sell during the spring season since they can most likely get more money and have more potential buyers who can bid up a house or otherwise entice through other means.
Do you have a question about buying a home in the spring? Call The Reed Team today at 949-392-6400!