Should I Buy Before Spring?

We all know that the Spring housing market is the busiest time for home buyers and sellers!  

 Many buyers wait until Spring to make their move, believing it’s the best time to find a new home. This isn’t always the case when you factor in competition you could face with other buyers at that time of year. 

If you’re ready to buy a home, here’s why it makes sense to move before the spring market picks up.

In recent years, the housing market has gone through predictable seasonal trends in activity. Winter is typically a more quiet point, while spring normally sees a surge of buyers begin their search. And the experts are projecting that this year will be no exception.

Right now in our market,  buyer demand is low due to a combination of normal seasonal trends and a reaction to last year’s rise in mortgage rates. But, in recent weeks, we have seen rates start to come down since last November, which has more and more potential buyers planning to jump back into their home search. 

This means right now might be a sweet spot if you’re in a good position to buy, before more buyers reappear. Affordability is improving, but demand, as of now, is still low.  Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), shares: “. . . expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.” (Keeping Current Matters)

This makes it even more clear that if you are ready to buy a new home,  now is the time before more home buyers enter the market. 

Sellers are MOTIVATED! Low demand from buyers means that sellers are more motivated and are more willing to work with you! In fact, sellers have been more willing to negotiate this winter because there are fewer buyers in the market. (Keeping Current Matters)

According to a recent article from Forbes, “sellers gave concessions to buyers in 41.9% of home sales in the 4th quarter of 2022.”  These advantages for buyers won’t last forever. 

The competition you face could be greater if you wait to make a move until spring.  An increased buyer demand means sellers will have less motivation to negotiate with you! 

If you’re in a position to purchase a home before Spring, it may make sense to start now! 

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Ready to start looking for a new home, sell your home or start an investment portfolio? Call us! 

417-812-5055
info@holthomesgroup.com