One…two…three…GO! It’s no secret that Spring is a crazy time of the year for real estate as it ignites a frenzy of house buying and selling, which can be mutually beneficial to both buyers and sellers. So what are the pros and cons of the Spring selling season and what does it mean for you?
What Home Buyers Need to Know – The Pros and Cons:
Pro – Greater Inventory: Typically most sellers put their homes on the market in the Spring. One reason is that homes simply show better in the Spring with the warmer weather and blooming landscaping. And then, of course, success begets success. Potential sellers hear about all the bidding wars that result from springtime listings and want to jump on board.
Con – More Competition: Yes, there are more houses on the market, but there are also more buyers out to buy them. More competition means more bidding wars and homes may sell for a bit higher than in the Winter months when some buyers choose to sit out the season.
Pro – School is Over: For families, Spring (and Summer) is typically a great time of year to start the home buying process. It’s much easier to relocate your family in between school years than during.
Con – School Will Start Again: Particularly if you’re looking to switch school districts, you may find yourself under the stress and pressure of having to find a home quickly before the new school year begins. In the Triangle area, schools have a tendency to reach maximum class size quickly. You need to be careful not to succumb to the pressure of having to make a quick decision, which can often times result in the wrong one.
Pro – The Weather: Spring ushers in warmer and more pleasant weather in addition to longer days, which makes the search for homes a much more pleasant experience.
Con – The Weather: You’re not the only buyer spurred on by the nice weather and longer days. Get ready for some competition.
Pro – A Bit of Extra Cash: Christmas bills are in the rear view mirror, school expenses are at their lowest and there might even be a tax refund coming your way. A bit of extra cash doesn’t necessarily mean you’ll be bidding over asking price, but it can help with a few of the closing costs.
Con – Negotiations: With more buyers out there looking for homes, sellers may feel they have a bit of an upper hand in the negotiation process. You may be under a bit more pressure to accept the seller’s terms, but such is the nature of the Spring real estate market.
What Sellers Need to Know – The Pros and Cons:
Pro – Motivated Buyers: It should come as no surprise by now that there are more buyers with more motivation to purchase a home during the Spring. Buyers competing with buyers to purchase homes can lead to bidding wars and higher sale prices.
Con – More Competition: You wont be the only seller jumping on the band wagon during the Spring. The law of supply and demand can work both ways.
Pro – It’s Easier to Prepare Your Home for Sale: With the warmer weather, it’s a lot easier to get out there and freshen up paint, clean gutters and spruce up landscaping making your home look its best.
Con – Picky Buyers: With more options to choose from, Buyers can afford to be a bit pickier during the Spring. Therefore, it is even more important to ensure your home is in perfect selling condition. Doing a bit of work up front to help the repair negotiation process once under contract is an essential step to successfully selling your home in the Spring.
Pro – Summer Closing Date: Sellers who go under contract in the Spring are most likely to close right before or during the Summer. Typically the Summer, with school out, is the most desirable time to move and selling your home means you’ll be moving during the Summer too.
Con – You’re Also a Buyer: More often than not, if you’re selling your home you’re also buying a home. All of the pros and cons of being a buyer apply to you as well.
Regardless Spring is a GREAT time to buy or sell a home and the market is heating up. If you’re looking to buy or sell a home this Spring, let’s get started. Give me a call today!