Why spring is a good time for home buyers

Sometimes, you can’t choose when to move. If you’re starting a new job in a new state soon, for example, you don’t have the luxury of waiting. However, if you have some flexibility, timing your house hunt for the right season can make the whole process easier. Some times of the year are good for inventory while others are better if you’re looking more closely at prices.

Spring is a great time to search for a home for many reasons. We will take a closer look at these factors below

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Why spring is a good time for home buyers

As the days get longer and the weather warms, people are getting more motivated to get outside — and that includes starting to find their homes. There are plenty of good reasons to start looking for a home in the spring. Here are the big ones.

Warm weather makes house hunting (and moving) easier

Trekking through snow and ice to attend open houses and exhibits can be a pain. It’s also hard to see landscaping and other exterior features when a home is covered in snow. House hunting will be less of a hassle if you wait until things thaw — and they will moving.

Inventory is high

Sellers are just as eager to avoid winter moves, plus they know their homes look better when grass and flowers are on full display. As a result, more homes hit the market around spring rolls around. For example, according to a Redfin US Housing Market Report, the number of homes for sale in 2022 rose to about 1.6 million in May from about 1.1 million in February. More inventory means you have a wider variety of homes to choose from, giving you a better chance of finding one that meets your needs.

said, Spring is also in high demand, which means there is more competition. This can lead to higher list prices and bidding wars that drive prices up even further. Be prepared for these possibilities and factor them into your budget when looking for a house in the spring.

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You can settle in before the new school year

If you have kids, you know that the beginning of the school year is a busy time. Adding a move to an already-busy schedule can multiply the stress exponentially. It takes about 50 days on average for a home to close, so if you start looking in the spring, if there aren’t any hiccups, you should be able to move in early summer. This gives your kids plenty of time to unpack and get settled before school starts.

You may have extra money to spend

Some times of the year are more financially demanding than others. Holidays can be expensive, for example, and fall brings with it many back-to-school expenses But in the spring, many people start receiving tax returns, which can add some money to your home buying budget.

Just don’t let some extra money tempt you to spend more on a home than you otherwise would. It’s best to use extra cash to increase your down payment, which can lower your mortgage amount and interest rate.

Bottom line

No matter what time of year you start your home search, there are some basic tips to keep in mind: Set your budget Ahead of time, save a healthy down payment and Shop around for mortgage options. This way, you will ensure that you get the best home at the best possible price

Ready to start house hunting? View current mortgage rates here.