You know what they say: April showers bring May flowers.
You know what else arrives in Spring?
Home buyers.
Granted, there are a number of factors that drive the zest to shop for a new home. It may be a change in family situation, like finding room for new children or taking in an aging parent. Conversely, it may be a pair of empty-nesters looking to downsize.
Economic factors also apply. If you look at the COVID boom in housing sales (and rising prices!) record low interest rates made purchasing a home very attractive. Being in a prolonged lock-down certainly increased the desire for a more spacious home, but it still came down to dollars and cents.
A disruption of the supply chain also drove up demand, as builders slowed their construction schedules.
Certain times of year are just historically bad for listing your home. Families with children generally avoid the late Summer and Fall, as they would love to keep their kids in the same school. At the peak of Summer, many prospective buyers are trying to soak up some vacation sun and don’t want to disrupt those plans.
Depending on your region, things start to pick up in the beginning of April, and the end of the cycle is towards the end of June. Chicago, for example, is a mid-May town, as is Cincinnati. Neighboring Cleveland, however, is a late June market.
Due to these trends, Spring makes for a crowded housing market. And things move fast. Currently, houses are under contract around two weeks after listing. But that spring listing will bring you an offer almost 2% higher than one in the Fall or Winter.
So, if you’re looking to make the move and go after your custom dream home, Spring is the time to spring for a listing.
Oh, houses listed on a Sunday take longer to sell than those listed on a Thursday. Thought you should know.