A lot of things change with the seasons; birds migrate to new grounds, bulbs begin to bloom, and buds unfurl. Human society is not immune to the changes of the seasons. In fact, almost every aspect of life is affected by this cycle and the real estate market is no exception.
Real estate is directly connected to the time of year. This is known as “real estate seasonality trends,” and the most marked change happens in the spring.
Springtime is often considered the best season for the real estate market. It’s when things heat up and listings go most quickly. But why is spring such an especially good time to buy or sell?
With springtime, the weather warms. Even in places where winters are mild, this season has a psychological effect on most people. In the wintertime, we’re more likely to stay inside. People are generally less adventurous when it’s rainy or cold. But as soon as spring rolls around, people start to awaken from their winter hibernation and feel restless to explore. It’s a great time to find a home you’ll cherish. This kickstarts spring’s real estate market.
Aside from the positive psychological effects that springtime has on us, homes tend to look their best in the spring. Spring grass looks lush and vibrant, and landscaping is in bloom, adding natural beauty to the property.
Real Estate Market Supply and Demand
When there’s an influx of people entering the real estate market, the demand for homes increases. When there aren’t enough homes to fill the demand, prices increase. The longer a property stays on the market, the more likely it is that the listing price will be reduced. When homes sell quickly, prices go up because there are often multiple buyers interested in the same listing. Demand usually increases in the spring, resulting in more competition for buyers and higher profits for sellers.
Another factor that makes springtime a busy season for real estate is that families with children often want to settle into a new home by the start of the next school year. Since people typically don’t like moving in the wintertime, and it can take upwards of two months for a contract to be signed and closed, buyers often choose to purchase before summer begins.
Trading Up in the Real Estate Market
Knowing that spring is usually the busiest and most competitive time in the housing market, many sellers choose to list houses in the spring so that they can get the best price for their property. This is further incentive for sellers to list in the spring, and means that springtime buyers have more real estate options to explore.
Your Dream Home
Because spring is when most houses go on the market, it’s also when buyers have the most choice, and sellers are able to offload properties in a highly competitive market. Make the most of springtime opportunities and let one of our seasoned real estate professionals guide you through the housing market this year. With us, you can sell your property quickly, buy the home of your dreams, or even do both this spring!