Is February the new April?
Is February the new April? Well, in the real estate market, the short answer is YES!!
The “Spring Market” which most people relate to the April time-frame has historically been the busiest season for buying and selling as most home sellers and home buyers come out of their winter hibernation ready to hit the streets and find their new home. What we are seeing now, though, is a shift in the market timing due to the severe shortage of homes in the housing market. We recently talked about the Absorption Rate and how that affects the real estate market.
Right now the housing inventory across the whole country is at records lows and with more buyers looking to jump into the real estate market now, the Spring market will likely see fewer homes for sale compared to years past. Sellers are anxious to take advantage of the limited housing market to sell their house because they know they are going to get top dollar, except they are nervous to do so because……where will they go? One of the biggest concerns for both sellers and buyers is that there are not a lot of homes to choose from.
Buyers are frustrated because their current leases may be coming up, maybe their landlords are selling their homes and they need to move, or possibly they are just moving to a new town and need to find a house. That’s all well and good except their isn’t anything available for them. Realtors used to show buyers 4 or 5 houses at a time several days a week and now they are lucky to see 1 or 2 a week. Of those houses they are seeing, its likely that many other buyers are looking at them as well and lots of buyers are writing offers driving the prices up and in some cases, out of their budget. Buyers are finding it necessary to “settle” on a house simply because they don’t have a choice.
Sellers alike, are frustrated because they know they can sell but after they get an offer on their home, they have to deal with the problem of now being a buyer themselves. In some cases, sellers would just prefer to stay where they are vs jumping into the buyer market.
On a positive note, if you are a seller, and can deal with waiting to find a new home or have a place to go, then this is a great opportunity for you. Being in a sellers market gives you a huge advantage and by getting your house on the market now rather than waiting another month or two will ensure that you get the most amount of money. Although we dont expect to see the Spring market “flooded” with inventory this year, we do expect to see a slight uptick and you know how supply and demand works
If you are a seller thinking about selling this year, its worth reaching out and talking to us about a timeline and a plan. If you are a buyer, we can help too. We have several ways of finding you a great home without you having to be caught up in the crazy real estate market.
Is February the new April? Well, whether it be February, March or April – the truth is Spring Market is here. You should not wait any longer, you should Just Call The Pro’s
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Frustrated with not finding the right home? Ever considered just building one? Check out some of the new construction homes for sale right now but BEFORE you run out and talk to the builder, here are a few things you need to know so you are prepared. When Considering a New Construction Home: Should you use a Realtor®?