Spring is a popular time of year to buy property, and for good reason. The arrival of warmer weather and longer daylight hours can make the process of finding and acquiring a property more enjoyable, and there are several other advantages to buying in the spring. In this blog post, we'll explore some of the key benefits of acquiring a property this spring, backed up by data and insights from real estate experts.
One of the primary advantages of buying a property in the spring is the increased inventory of homes on the market. According to data from the National Association of Realtors (NAR), housing inventory typically increases by 7% between February and March, and a further 5.8% between March and April. This means that there are more properties available to choose from, which can increase your chances of finding a property that meets your needs and budget.
More Favorable Market Conditions
Another advantage of buying a property in the spring is that you may be able to take advantage of more favorable market conditions. Historically, spring is a busy time for the real estate market, which can result in increased competition for properties. However, data from Zillow suggests that spring 2022 may be a good time for buyers, as the market is expected to cool down slightly from the recent hot streak. According to Zillow's Home Value Index, home values are expected to rise by just 3.2% in 2022, compared to the double-digit growth seen in previous years.
Better Weather for House Hunting
Spring is a great time of year to go house hunting, as the weather is often more pleasant than in the winter months. With longer daylight hours and milder temperatures, you'll have more time and energy to visit multiple properties and explore different neighborhoods. This can make the process of finding a property more enjoyable and less stressful.
Timing for Closing and Moving
If you're planning to buy a property this spring, you'll likely be able to time your closing and move-in date to coincide with the summer months. This can be an ideal time to move, as children are out of school and the weather is typically good for transporting your belongings. According to data from the Census Bureau, the most popular months for moving are June, July, and August, which aligns well with a spring property purchase.
With the favorable market conditions this spring, NOW is the perfect time to consider purchasing property. There’s no better way to get a leg up on the competition than by visiting properties in warmer weather when these properties can be viewed in their best light. Not only that, but also with better inventory levels and faster closing cycles during the springtime, prospective buyers can gain several distinct advantages by shopping for homes during this seasonal window. Plus, with the potential tax benefits associated with buying a home this spring, savvy purchasers can look forward to reaping rewards that will extend through the years. All of these factors combined make spring one of the best times for searching for property; and if you're considering a move in real estate, let's connect so we can have an even stronger game plan!