Spring is the season when many people tend to buy and sell real estate. Much like spring cleaning…a lot of people do it. Of course, with cleaning, people aren’t impacted by the number of people who decide to do it in the spring. But with real estate, the number of people looking to buy and sell impacts everyone in the spring market.
- Why is the spring market so talked about?
- When exactly is the spring market?
- How does the spring market affect me as a buyer?
- How does the spring market affect me as a seller?
- Why is the spring market so strong in the Boston Area?
- How does the school year impact the spring market?
- Should I wait for the spring market if I want to buy?
- Should I wait for the spring market to list my property for sale?
Why is the spring market so talked about?
Most years, spring is the season of “the most” in real estate:
- The most buyers on the market compared to other seasons
- The most new listings on the market
- The most properties going under contract
- The highest prices of the year, i.e. the most money that people ultimately pay
When exactly is the spring market?
It actually begins after the holiday season and runs through the spring. Whether it starts in February or March depends on the weather: temperature, snow, ice, storms, and more snow. Occasionally there is a brief thaw in January with a spurt of activity that then subsides until the weather really calms downs. Once the weather cooperates, many new properties start to come on the market. It usually runs through Memorial Day, but in a very busy year it may continue through June.
How does the spring market affect me as a buyer?
On the one hand, you will undoubtedly have more properties to choose from than during any other time of the year. On the other hand, you will have more competition for the properties.
How does the spring market affect me as a seller?
You will have more competition from other sellers. But in a strong real estate market – which we still expect to have this Spring 2019 in the Boston area – there is usually more demand for property than supply, so that isn’t really a problem for a seller. And the price you can get is likely to be higher than earlier in the year.
Why is the spring market so strong in the Boston Area?
Because unlike some parts of the country, the four seasons in Boston are not just official dates…they are reflected in the weather:
- Everything outdoors – including property – looks better in the spring…so sellers want to show their homes.
- The weather is temperate – not too hot, not too cold – so it’s easier for buyers to run around and look at property
How does the school year impact the spring market?
- As is the case in the whole country, families with children in kindergarten through high school want to go to contract on a new home in the spring. Then they can close in the summer and not disrupt the kids during the school year
- In the Boston area we have a huge higher education population…students, local professors, and visiting professors. This has led to most rentals going through the end of the school year. If first time buyers wants to move when their leases ends, they will be on the same schedule as people whose schedule is tied to schools or universities.
Should I wait for the spring market if I want to buy?
If you have school age children who will be affected by the move, sure…wait. If you have a lease through the end of spring and you don’t want to break it or pay rent on it after you close, sure…wait. Otherwise, it’s probably not worth waiting for extra choices in the spring market. If you start looking earlier and can’t find the right property for you, you can just keep looking in the spring. Remember, there will likely be less competition and lower prices if you don’t wait.
Should I wait for the spring market to list my property for sale?
As we said, there is usually more demand for property in the spring, which translates into higher prices for you in the spring. So if your personal situation allows for you to wait, it definitely has its advantages. The down side is if the whole economy takes a dive while you are waiting. Wars, politics, natural disasters impact the market. Also, markets naturally go up and down over time. In our last blog we talked about many real estate markets going down in 2019. And although your broker can provide you with statistics and articles, your broker doesn’t have a crystal ball…
If you want more info about the spring market…or if you are ready to jump into the spring market, contact Chris at 857-829-0282 or email him at Chris@Isellmass.com