We’re told time and time again that the spring and summer is home-buying season, but why? Is this actually true? While buying/selling in the fall and winter period does have its advantages, there are certain perks that make spring and summer perfect for selling homes.
Homes Look Better. Spring and Summertime are when the days get longer, the sun gets brighter and the weather starts to warm up. Flowers start to bloom- and those looking to sell their home are making sure their lawns are perfectly landscaped to attract potential buyers. The majority of the reason that spring is great for the housing market is because everything looks more beautiful. Daylight Savings time also plays a role, giving buyers more time to view your houses in the daylight after getting off work.
More Potential Buyers. These seasons are often seen as the “downtime” of the year, as they’re free of major holidays and children are often off from school. This frees up more time to look for houses and complete a move before classes start back up- explaining why home-buying peaks in mid-June. More people house-hunting during this time guarantees more offers and a higher chance of ‘bidding wars,’ to maximize profit.
Higher Selling Prices. Because of the reasons listed above, people are prone to list their houses in spring. Although it may seem backward, the rise in options on the market means that homes will sell for more money than they would in the offseason- because realtors know that people are willing to pay more in the competitive months of March through July.
Additionally, appraisers will be able to set a higher selling price for your home. When setting values, they look into comparable recently sold homes in your area in order to gauge an appropriate selling price. Adversely, appraisals in winter tend to be much lower, as there aren’t many recently sold homes to compare prices with.
Be Prepared. Due to the abundance of houses on the market, buyers tend to be pickier during prime time because there are so many options- they can afford to be. It’s essential to ensure houses on the market are in tip-top shape, taking care of any repairs or upgrades that need to be made. A fresh coat of paint never hurt
While it’s not at all impossible to sell a home in fall and winter, prime-season offers major perks that can help sellers maximize their profits and get their home sold faster. To be successful, it’s important to be aware of the competition and assure that your house is in good condition in order to stand out to buyers!