Thinking of moving before Spring?
The housing market is typically busiest in the spring. Many buyers decide to hold off until then because they think it's the best time to find a home. However, when you consider the competition you might face with other buyers at that time of year, that isn't always the case. Here are some reasons why it makes sense to buy a home before the spring market picks up if you're ready to do so.
The housing market typically experiences predictable seasonal trends in activity. The winter months are usually relatively quiet, while a wave of buyers start their searches in the spring. Experts predict that this year won't be any different.
Due to a combination of typical seasonal trends and a response to the increase in mortgage rates last year, buyer demand is currently low. But since last November, rates have begun to decline, and more and more prospective buyers are preparing to enter the market. Therefore, if you're in a position to buy now, do so quickly before more buyers start to appear. Demand is still low for the time being, but affordability is starting to increase.
Low buyer demand frequently results in sellers being more willing to work with you, which can enable you to purchase a home on your terms. Because there are fewer buyers on the market this winter, sellers have actually been more amenable to haggling.
But bear in mind that this winter's advantages for buyers won't last indefinitely. If you wait until spring to act, your competition may be more intense, and sellers will have less incentive to negotiate with you due to the increased buyer demand.
It might make sense to relocate before spring if you're in a position to purchase a home. The best way to learn about the current market and what it means for you is to work with your team of knowledgeable real estate advisors. Contact an expert right away to figure out the best strategy for achieving your home-buying objectives.