It's officially the house-hunting season! If you've been looking for the right time to make the jump as a homeowner, now is the time! As the snow thaws and the weather brings sunnier, warmer days, spring and early summer mark a window of opportunity brimming with advantages for buyers. In today's blog, the Wilkes Mortgage Group team will walk you through the advantages of home buying this spring!

Inventory Abundance

Spring typically witnesses a surge in housing inventory. Sellers, motivated by the pleasant weather and desire to relocate before the next academic year, often list their properties during this time. This abundance of options empowers buyers, offering them a diverse range of homes to explore and compare. With more choices on the market, buyers have a better chance of finding a property that aligns with their preferences, budget, and location requirements.

Favorable Weather for House Hunting 

Unlike the chill of winter or the humidity of mid-summer, spring and early summer bring ideal weather conditions for house hunting. Mild temperatures and longer daylight hours make it comfortable for prospective buyers to explore neighborhoods, visit open houses, and assess properties without the hassle of battling extreme weather conditions. Moreover, lush greenery and blooming flowers enhance the curb appeal of homes, allowing buyers to envision the full potential of the property. There's another added benefit to early spring buying: You may get the best snapshot of the condition of your potential future home right now. With spring bringing heavy rains to many areas of the country, and the weather neither too hot to test the heating system nor too cold to test the air conditioner, early spring is a really informative time of year.

Competitive Pricing and Negotiation Leverage

The increased inventory during spring and early summer often leads to heightened competition among sellers. While this may seem daunting, it can work to the advantage of buyers. Sellers may be more inclined to price their homes competitively or offer incentives to attract potential buyers. Additionally, the heightened competition provides buyers with greater negotiation leverage, allowing them to negotiate favorable terms, closing costs, or even a lower sale price.

Optimal Timing for Families

For families with school-age children, spring and early summer present the ideal time to move. By purchasing a home during these seasons, your family can settle into their new abode before the commencement of the next school year. This ensures a smoother transition for children, minimizing disruptions to their academic and social routines. Furthermore, the extended daylight hours and warmer weather offer better opportunities for families to engage in moving activities and explore their new neighborhood together along with more optimal weather for home repairs and renovations. 

Maximized Investment Return

From an investment perspective, buying a home in spring or early summer can yield long-term financial benefits. Historically, real estate values tend to appreciate during these seasons, driven by increased demand and market activity. By purchasing a home during this period, buyers position themselves to capitalize on potential future appreciation, thereby maximizing their investment return over time. Not only is buying a home during this time of year beneficial for you and your family now but also for you and your family in the future.

Availability of Professional Services

Spring and early summer are peak seasons for the real estate industry, meaning that buyers have access to a plethora of professional services to facilitate their home-buying journey. From real estate agents and mortgage lenders to home inspectors and movers, there’s no shortage of experts available to assist buyers at every stage of the process. This ensures that buyers receive top-notch guidance and support as they navigate the complexities of purchasing a home.

How to Get the Most Out of the Spring Market

If you're ready to buy a house this year and are considering jumping into the spring market, there will be a lot of things to consider. As you look at homes, be working on a list of things you do and don't want in your house. It's OK to have preferences, even in a tough market, but that might mean finding your home in an unexpected place. Once you do find the right house, you'll know it, but you've also got to be ready to make an offer right away in a competitive market. Looking in early spring, before other buyers show up, is helpful, but so is having your budget already figured out and a mortgage approval in hand.

If you want to buy in the early spring, you should be prepared to act quickly. The market moves slower than it does in the later spring, but there are still a fair amount of other shoppers out in the market. To act quickly, a spring shopper should have a firm understanding of their monthly budget and how mortgage rates will affect their price point, along with getting preapproved for a mortgage before starting to shop will enable a buyer to quickly submit an offer on a home that’s right, and this can help the offer stand out, especially for a seller who is hoping to turn around and buy a home later in the year.

Every market and every season is a little bit different, but some patterns tend to repeat over and over again as the Earth moves around the sun. We are creatures of habit, and the overall real estate market reflects that. In conclusion, spring and early summer offer a confluence of factors that make them the prime seasons for buying a home. From an abundance of inventory and favorable weather conditions to competitive pricing and optimal family timing, these seasons provide numerous advantages for prospective buyers. By seizing the opportunities presented during this time, buyers can embark on their homeownership journey with confidence, knowing that they’re making a decision that aligns with both their practical and emotional needs. If buying a home is on your bucket list this summer, connect with our team at Wilkes Mortgage Group and we'll help you apply for, compare, and choose a home purchase loan that makes your dream home an affordable reality.