Spring is in the Air
Spring is in the air and homebuyers are coming out of hibernation. With the holidays over and the weather warming up, it’s the time of year that’s typically considered a hot period for the housing market.
It’s the right time of year
Homebuyers have a tendency to taper off in the winter, and not just in parts of the country that typically have frigid weather. A mixture of holiday obligations and kids in school lead to more homes coming off the market temporarily and buyers pressing pause on checking out new listings.
By the time spring hits, cabin fever has people anxious to start touring homes.
Looking forward to work, school or family obligations for the rest of the year, spring is the optimal time to take on house hunting and get moving on the purchase process.
The market is in the right place
Many markets across the country have not only fully returned to pre-recession levels, but home values are reaching beyond that point as well. A combination of low interest rates and low single-family housing inventory means there are a lot of eager homebuyers that have to compete for what’s on the market.
The fact that it’s a seller’s markets – meaning the seller has an upper hand since there are more buyers than homes available – provides a great opening for homeowners looking to sell. And the opportunity is particularly good for those who have held off on selling in recent years while they wait for home values to go back up.
You’ve got a whole new buyer pool
“The level of empowerment for a buyer or seller today is light-years ahead of 20 years ago, when you really couldn’t enter a market without first calling an agent.”
“Today, you can become as knowledgeable as most agents on your own, and consumers are doing that.”
And it’s not just the economic opportunity that makes homeownership attractive to millennials, those born between 1982 and 2000 according to the Census Bureau. The generation that until this point has been largely recognized as renters still carries the belief of previous generations that owning a home is an important part of life.
“Homeownership has always been a rite of passage, and a point of pride for people.”
To make your home as marketable as possible to millennials, update key rooms like the kitchen and master bathroom, which are known to get a lot of attention from potential homebuyers. Selling your home “as-is” promises quite a bit more work than a first-time buyer is willing to take on.
Get started now
There’s still time to get your home on the market this spring to take advantage of the growing number of interested buyers, but successfully reaching potential buyers requires a bit more work than just an online post, and it’s best to get started sooner rather than later.
Four tips for taking advantage of the springtime home-buying surge:
- Prep your home
- Price it right the 1st time
- Aim for a Thursday to list
- Stay competitive