Spring is the busiest time of year for both home buyers and sellers. Once that long winter finally breaks, families start house hunting, visiting properties that have finally thawed after months of inclement weather. Once you\u2019re on the hunt for the perfect home, there are a few things to keep in mind during this time of year.<\/p>\n
\u201cSpring has always been the busiest time of year,\u201d says Sherri Hines, an associate broker at Better Homes and Gardens Real Estate Kansas City Homes. \u201cMany families have a desire to make changes coinciding with the school year, and summer is often filled with vacation and travel and kid activities. Of course, it is also just more fun to be out looking at houses with green grass, warmer temps, flowers blooming, and longer days.\u201d<\/p>\n
We spoke with experts for their tips for home buyers and sellers during this busy time of year for the housing market.<\/p>\n
Prepare for a Competitive Market<\/strong><\/p>\n Because spring is the most popular time of year for buying and selling homes, you should prepare to enter into a highly competitive market this time of year.<\/p>\n \u201cThe biggest distinguishing factor the last few years about the spring market is the intense competition,\u201d Hines says. \u201cWe are already experiencing an increase in multiple offers, and buyers are already waiving inspections and appraisals in an effort to \u2018win.\u2019 The competition had cooled a bit last fall through the winter, but all signs point to potentially even more fierce competition than last spring.\u201d<\/p>\n Because the market will be flooded with fellow buyers, Hines suggests you plan to see homes soon after they hit the market. This way you can tour a property you\u2019re interested in and be prepared to make a competitive offer early\u2014hopefully before too many other prospective buyers have seen it. Hines says that means being prepared to make split decisions, too.<\/p>\n \u201cThe low inventory the last few years has lowered the average days on market,\u201d she says. \u201cHomes that aren\u2019t sold within 7 to 10 days are either overpriced or have some unaddressed issue. As the competition increases moving deeper into the spring market, homes are selling within hours sometimes.\u201d<\/p>\n That might mean you\u2019ll have to jump in with an offer right away, or it might mean a longer house-hunting period, as properties are quickly purchased around you.<\/p>\n \u201cHome searches can vary from a few days to many months,\u201d Hines says. \u201cThere are so many factors, depending on price range, location, competition, inventory.\u201d<\/p>\n Be prepared for a long journey should you find that properties in your area are selling quickly, but don\u2019t push off your hunt just because spring is a busy time of year. With the way the housing market has gone in recent years, it\u2019s not a sure bet that competition will dry up once the seasons change.<\/p>\n \u201cI would not advise buyers to wait for things to change. I\u2019ve had clients make that choice and regret it,\u201d Hines says. \u201cI personally don\u2019t see our market changing much anytime soon.\u201d<\/p>\n Inspect the Property<\/strong><\/p>\n If the idea of pouncing on a property quickly gives you pause, keep in mind that you can still make an offer and have an inspection done before the deal goes through.<\/p>\n David Steckel, home expert at home care platform Thumbtack, says buyers should pay special attention to the outside of a home, where water problems can be apparent this time of year.<\/p>\n \u201cIt\u2019s important to thoroughly inspect a property before making a purchase,\u201d Steckel says. \u201cHave a professional inspect the home before purchasing and be sure to look out for water damage, roof damage, drainage problems, foundation issues, and pest damage. These are important to catch early on, as these repairs can be costly and affect the condition of your home over time.\u201d<\/p>\n Of course, most of these potential problems should come up in a professional home inspection. And while certain aspects of the property might be more apparent or visible in the spring vs. winter season, for example, you\u2019ll want to make sure whomever you hire is doing a thorough inspection regardless of the time of year.<\/p>\n \u201cWhile there may be snow on a roof during the inspection, your agent should always be advocating for a final roof inspection with the appropriate repercussions built in should roof damage become apparent, even if it\u2019s after the traditional due diligence\/inspection period,\u201d says Christopher Stjernholm, chief of staff at Trelora Real Estate. \u201cCertified home inspectors will be there to provide expertise on what you should be looking for regardless of the season.\u201d<\/p>\n How to Prepare to Sell<\/strong><\/p>\n If you\u2019re selling your home in the springtime, Steckel suggests sprucing up your exterior spaces. Potential buyers will be thinking of hosting summer cookouts and pool parties this time of year\u2014call out the great outdoor features of your home to help your listing shine. If your outdoor space is lackluster, do what you can to spruce it up and highlight its potential.<\/p>\n \u201cHomeowners can start by boosting their curb appeal, like painting the exterior of their homes, freshening up their landscaping, and completing outdoor repairs to their porch and deck, garage door, siding, and fence,\u201d he says.<\/p>\n As you stage your home, Steckel suggests deep-cleaning your grill and porch furniture so everything looks sharp.<\/p>\n \u201cAddressing any necessary repairs before listing your home for sale will pay. Be sure to fix leaky faucets, replace broken windows, and repair any damaged flooring or walls,\u201d he says.<\/p>\n Zillow and Thumbtack released a report last year detailing the spring projects that yield the best return for sellers, if you\u2019re having trouble prioritizing where to begin.<\/p>\n Your real estate agent will also spend time getting to know your property so they can market it appropriately, says Scott Harris of Brown Harris Stevens.<\/p>\n \u201cIt helps create avatars of who we expect the target buyers to be,\u201d he explains. \u201cThis isn\u2019t about space or the latest kitchen appliances, but how you send messaging that explains the property is interesting to the kinds of buyers you want to attract.\u201d<\/p>\n Harris says if you\u2019re ready to sell, don\u2019t delay. A spring market might be hotter than a winter market, but that shouldn\u2019t affect your plans to move.<\/p>\n \u201cThere\u2019s always a reason to wait. I usually say that you can either have reasons or results,\u201d he says. \u201cYou lose 100% of the games you sit out.\u201d<\/p>\n Why You Might Want to Skip the Spring Market<\/strong><\/p>\n Not ready to buy or sell in time for this spring season? Don\u2019t stress.<\/p>\n Brandon Snow, executive director at Ally Home, says that while there might be a ton of inventory on the market each spring, that doesn\u2019t mean you\u2019re missing out on the best time of year to buy or sell.<\/p>\n \u201cWhile spring home buying has its benefits, buying a home during the fall and winter months can have a flurry of advantages\u2014including less competition and faster closing time,\u201d he says.<\/p>\n Snow says the best time to buy is often September or October.<\/p>\n \u201cThat\u2019s when inventory is still relatively high, but prices are moderating, especially for starter homes,\u201d he says. \u201cFor sellers, their homes might\u2019ve been on the market all summer with no luck, and they may be antsy to make a deal.\u201d<\/p>\n And once fall ends, inventory might drop, but sellers will become more and more eager to make a deal.<\/p>\n \u201cYou\u2019ll likely have a smaller crop of houses to choose from, but sellers could be more motivated to make a move for end-of-year tax-break reasons,\u201d Snow says.<\/p>\n However, stats show that you’ll likely pay more for a home in the future if you wait.<\/p>\n \u201cPrices have grown (year over year) for the better part of the last 10 years,\u201d says Stjernholm. \u201cOftentimes I see buyers say they\u2019re going to wait longer to buy, but the result over the last decade has been they only end up paying an even higher price than when they first started looking.\u201d<\/p>\n