Spring, Transitions, and Real Estate

Whether due to warm temperatures or watery eyes and sneezing, there’s no doubt about it: spring is in the air. The cozier climate and blooming plants aren’t the only changes afoot, though. Just as it marks a period of transition from winter to summer, spring also marks one for real estate.

The Spring Transition

Spring is in the air!

Winter historically represents a lull in the real estate market. As I have mentioned before, the combination of a plethora of holidays and harsh weather can be a rough one for home sales. Even after the new beginning of January 1st, this lull drags on for some time as rain clouds linger in the sky. Moving simply isn’t as appealing when people don’t want to even leave the house!

Fortunately, after a few months of gloom, spring rolls in with its rejuvenative effect, and the real estate paradigm shifts. A sleepy market wakes up from hibernation as relocation plans delayed by rain and cold seem much more manageable in the sunshine. The newly blossomed green leaves indicate a perfect chance to see another kind of green in the form of cold, hard cash. For Sale signs begin to sprout in front of homes all over the county. The transition has begun.

That’s where we are right now, with one exception. Interestingly enough, this spring comes on the heels of a winter with a particularly hot real estate market. Potential sellers have been staying put, sure, but buyers have been out in droves, driving inventory sky high as demand has so greatly outpaced supply. Not only have the torrential downpours these past few months ended our drought…it’s been raining offers!

This makes our current spring season particularly interesting, as now would be the time that the deluge of new listings coming on the market usually begins. And indeed, personal experience suggests that listings have certainly been ramping up in the last few weeks. While I wouldn’t say there’s a ton of inventory on the market, it would seem we are to a degree escaping the historic low supply we faced around the dawn of 2017.

What Does This Mean for This Spring?

In the near future, this steady flow of new listings means more options and opportunities for homebuyers. Demand is still so strong that these listings can only soak up so much of it, but those potential buyers that have been facing disappointment since the fall may finally feel some relief. With that said, it would take a lot of new listings, far beyond what is likely, to turn this into a true buyers’ market.  Buying a home may be easier, but it won’t be easy without plenty of luck, money and a good real estate agent.

If you’re thinking about selling, there is ample reason to make a move in the near future. As I noted, the increase of listings on the market may reduce demand for any one individual listing, however slightly, and thus drive down its potential selling price a bit. As such, now may well be the time for highest sale prices in a while, especially coupled with the buyer fatigue that may be setting in after a winter that was frustrating for many potential homebuyers. Also, steadily rising interest rates may end up pricing out a substantial amount of buyers if you delay too long. If selling your home this year is in the forecast, you may want to take inspiration from the season and spring into action!

Of course, each individual situation is unique. I encourage you to use me as a resource to help determine what is the best way for you to realize your goals, whether buying or selling. Together, we can minimize the fuss of transitioning you to a new home. Enjoy your spring, everyone!