Spring has officially arrived, but the spring housing market started about a month ago, according to most real estate agents. With the supply of homes for sale not even close to demand, competition has been fierce, and that is changing the rules of the real estate road. Yes, it's a seller's market, but not all homes sell fast, especially if they're not properly priced and if the time isn't right. Spring months are often considered the best month to sell a home.
In fact, across the country, the first two weeks of May are often the busiest and most lucrative time for sellers. Most listings hit the market in a short period between the months of April and June. If you plan to buy in a market with severe winter weather, May and June tend to have twice as many active ads as in December or January. However, in temperate markets, this spring pattern is much less noticeable.
Spring is usually when most home sales activities begin, but home sales really heat up in the months. However, real estate is all about location, and where you live can have an impact on your home's peak sales season. Winter is often the cheapest time of year to buy a home. Salespeople are often motivated, which automatically translates into an advantage for you.
Most people suspend their listings from Thanksgiving to the New Year because they assume that buyers are scarce. Sellers who do list at that time tend to want to sell as soon as possible. They may even be more willing to add additional benefits, such as appliances and window treatments. Deadline homebuyers, for example, those who want to buy a home in time for school to start should make sure they are in top shape to buy a home.
Based on seasonal trends, the best time to buy a home is from October to February due to low demand due to the holiday season. Starting the home buying process with pre-approval in hand will give you more confidence in your financial situation and more aware of the amount of home you can afford. One of the most important steps you can take to make sure you're ready to start looking for a home is to get pre-approved for a mortgage. Regardless of the season, you'll want to make sure your credit is in good shape and that your debt is under control before buying a home.
The following table breaks down premiums for the main six months based on the median sales price and the median value. Since home prices are higher during this time and also sell above the sale price, buyers are likely to spend a lot more money than they expected, especially between the months of May and August. The fall and winter months of October and December have the lowest seller premiums earned, down 5.8% from half the 13.4% premium earned from a May sale. Along with high prices, high inventory, and homes that sell above the sale price, the frequency of movement also contributes to seasonal factors of purchases between the months of April and August.
So, while these may be some of the slowest months for real estate listings and inventory, they're also some of the best months for buyers. But even in a more typical market, timing is everything, and this is particularly true when selling a home. While today's housing market is more competitive than it has been in several years, that competition makes potential buyers better aware of homes. The good news about the summer months is that families often feel the urge to shop and move while children are out of school.
Specifically, late spring, May is the best time to sell a home, with a seller premium of 13.4 percent, according to ATTOM's analysis of single-family home and condo sales over the past 10 years. However, if you are a homeowner and need to sell your home quickly without waiting until the worst month has passed to sell a home, then you may not want to look for a traditional home sale. .