Contrary to popular belief, the spring market doesn’t start in April. In fact, it’s already started, so buyers and sellers should get in the market now.
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Are you ready to buy or sell a home in the spring market?
First of all, you should know that the spring market is already here.
Contrary to popular belief, April, May, and June are far past what our spring market actually is. The spring market has already started.
If you are thinking of purchasing a home, it’s important that you consider initiating that process now, before people start rushing onto the market in April.
With the spring market comes higher amounts of inventory, so sellers may want to get on the market now also. The longer you wait, the more inventory there will be, which means more competition for you. At the end of the day, more competition could mean less money for your home sale.
We recommend that you get out ahead of the market. Doing so could bring you a premium sales price.
For buyers, it’s important to remember that interest rates are going up. You will have more buying power now, while interest rates are still low. Once rates go up, your buying power will go down because the monthly payment will go up for that same priced home you plan to purchase.
Those who do wait to list their home in April, May, or June will list for a premium, driving prices up. That may price you out of the market. A home that’s competitively priced for the market right now could be $10,000, $15,000, or even $30,000 more expensive in the “spring” market.
Finally, by entering the market now, you will have more negotiating power because you won’t have to fend off competing buyers. There will be a lot more buyers out there in April, May, or June. The market is strong right now, and inventory is on an upswing. The longer you wait, the more competition you’ll have.
You will also avoid multiple offers. A home could cost $5,000, $10,000, or $15,000 more in April, May, and June because there are more buyers out there competing for those listings. Again, it’s really important that you take advantage of the spring market now to avoid some of those pitfalls.
If you have any questions about buying or selling a home in the actual spring market, which is happening right now, just give us a call or send us an email. We would be happy to help you!