The conventional wisdom has always been that spring is the best time to buy or sell a house. And that’s backed up by facts. According to data from the National Association of REALTORS®, housing market activity tends to build throughout March and April, hit a peak around mid-May, and then start to taper off into the summer months. There are several good reasons why spring is a good time to buy or sell a home.
Reason #1: The weather
With the warmer weather, there are more daylight hours that are available to view properties, so there’s a natural spike in housing market activity. After a very slow January, when people are still trying to pay off their holiday bills, people are encouraged by the warmer weather to get out and see what new properties are available on the market. This usually starts to happen around the President’s Day holiday in February, when spring weather is right around the corner.
Reason #2: Supply and demand
Spring is also the time of the year when there are so many different factors influencing the forces of supply and demand in the marketplace. On the supply side, homeowners who waited the whole winter to put their home up for sale are now rushing to be first in line when home buyers return. On the demand side, potential home buyers are especially motivated to get a new home before the end of the school year. That will give them plenty of time to move in and get settled before the next school year starts.
That’s why homes in communities like those developed by Homes by WestBay in the Tampa area are so highly sought after – for buyers, they offer an immediate sense of community, offer close proximity to local schools and come with all the features already built in, so there’s no need to worry about spending the whole summer fixing them up. In fact, Homes by WestBay even offers a selection of homes known as “Quick Move-In Homes” that have immediate availability.
Reason #3: Comparable home sales
For sellers, spring is also a great time to sell because there is more data available to them about what types of prices they can expect for their homes. That’s because “comparables” (comparable home sales) are so important in establishing a value for a new home on the market. Since prices in winter tend to be lower than at other times of the year, the comparables in January and February tend to be low. But as more homes enter the market in spring, the values of these comparables tend to rise.
Reason #4: Spring is in the air
Finally, there’s one more factor that makes spring a good time to buy or sell – homes just look better in springtime. Flowers are blooming, the grass is growing back, and everything seems to be in a state of renewal. That makes photos of homes more attractive. And, as you might expect, if the photos look more enticing, then buyers are going to be in a more upbeat mood.
Thus, spring really is the best time to buy or sell a house. By starting early, you’ll have a head start on the competition and ensure that you’re able to time the market exactly right to get the best possible value.