Sorting Out Myths and Facts of Spring Home Buying
Fact or Myth: Is Spring the Best Time to Buy a Home?
Both prospective and seasoned home buyers carry assumptions about the house-hunting experience. Whether you’re a buyer or a seller, you inevitably accumulate pieces of home-buying information from real estate agents, trusted friends and family, and even reality TV shows.
One of the most common phrases you hear in the home buying business is that spring is the best time to buy or sell a home. But is this fact or fiction? Is the spring season really the best time of the year to take advantage of the home buying process?
Homes.com is here to help, so read on to sort out what’s fact and what’s myth when it comes to buying a home this spring.
Myth-busted: Spring Is No Longer the Best Time to Sell and Buy
Typically, summer is well-known for being the moving season. Kids finish the annual school year each June, making spring the perfect time to buy a home (moving in summer eases the transition to a new school in August or September). But here’s the catch: the house-buying demographic is shifting.
Single and multi-generational buyers are on the rise. According to the National Association of Realtors (NAR), “One out of every 14 home purchases are now made by unmarried couples. Among first-time buyers, the proportion is nearly double that — 13 percent of all purchasers.”
The amount of families who are buying homes is shrinking, which means that spring house-shopping trends are changing. So, is spring still the best time to buy or sell a home?
Sorting Out Spring Home-Buying Facts
In another opinion, Business Insider claims that, “The best time to sell a home is in November, December, and January.” The prolonged Thanksgiving through New Years season is a busy time of year, and sellers often assume that buyers are serious about the house hunt during this time frame.
However, serious buyers will continue to look at properties for sale online and in person up to Christmas Eve.
For sellers, this means that winter, rather than spring, may be the best time to attract a pool of serious buyers who will want to capitalize on home listings. And buyers should take note: if you’re looking for serious sellers, winter is a better time to hunt for that low-priced home from a seller who is ready to drive a bargain.
Our Strongest Advice: Learn Your Local Market
Portland real estate agent Dana Berry shares that, “the most important thing a buyer or seller can do is learn their home real estate market.” Yes, real estate is seasonal, and understanding national real estate trends is pertinent to finding a great deal on your next home. But above all else, real estate is local.
Another local Portland broker and owner of Urban Nest Realty, Rachel Freed, expressed this sentiment: “If you look at the market rise in Portland from 2007 to 2016, you’ll see that prices are pretty much at a point that they would have been if we hadn’t been hit with the recession. If they had gone up at a normal appreciation level each year over the past nine years, we’d expect that people would be paying the same prices for housing that they are right now.” Leveraging that kind of local market insight from a qualified Realtor could be just the secret to getting a competitive edge, regardless of how hot the buying and selling season is.
Market conditions fluctuate on micro real-estate bubbles, so before you completely disregard spring as a home-buying season and opt to buy buy in winter, talk to a local agent. Don’t let April fool’s get you this spring, and lock in a real estate strategy that makes sense for you, all year round.
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