Ah, spring! When the trees blossom, the lovely tulips and daffodils bloom, and everyone's mood brightens. But aside from our daily dose of sunshine during spring, we also see the high season for real estate. As the temperature rises, the housing market starts to heat up. Even in areas where the weather is great all year long, spring remains the most active time for house buyers and sellers alike.
While there are plenty of reasons to consider selling in the spring, here’s a few examples as to why it’s so worthwhile:
1. You can show a better-looking home.
Unlike selling in the colder months, which can be stressful because of the snow and harsh weather, you can go to greater lengths in spring to prepare your home for sale. If you list your home in the spring, you can take advantage of the warmer weather and elevate your home's curb appeal.
Show your home at its best to draw the attention of potential buyers. Maximize your curb appeal by cleaning the walkways, strategically placing colorful plants and flower boxes, maintaining the lawn, and making it as green and lush as possible. Allowing the natural sunshine to stream through the windows of your home helps showcase it in its best light. Additionally, don’t forget to address parts of your home that are in need of repair or upkeep, especially if you haven’t done annual maintenance yet.
2. The longer days and better weather make it easier for buyers to go looking for homes.
When the clocks sprang forward in March, the days became longer. More daylight hours means more potential buyers can view your home. Likewise, the good weather gives people a boost to go outside and search for the picture-perfect home just like yours. Unlike home shopping in winter, where buyers need to drive through crappy weather in their soggy boots just to visit an open house, springtime brings in a fresh pool of potential buyers who've done their homework and want to use the longer days wisely. This improves your odds of landing a desirable offer for your home.
3. It's a perfect time for families who want to move before the new school year.
Many home buyers with families are looking to move before the summer and the start of a new school year. This way, their children will still have a couple of months to get settled in their new neighborhood. If you put your home on the market early enough in the spring, your pool of buyers won’t have the same sense of urgency seen in summer or winter sales. Parents who buy in the spring can move during the summer, avoiding juggling their time between school pickup and packing up their stuff to get ready for their new home.
4. The buyer's demand is higher and could spark bidding wars.
It’s no surprise that the months of March, April, and May are the best months for sellers to list their homes as many people are ready to enter the housing market to purchase. More buyers means more potential offers. Sellers can even expect to receive multiple offers, often sparking bidding wars. Buyers will always be competing for homes, especially if the home is in a good location and is listed at a reasonable price. If a bidding war occurs, the cost of the house is most likely to increase, putting the seller in a stronger position to receive more money for the home.
In those months, there’s also a greater chance that you’ll encounter an all-cash offer. This could speed up the entire home selling process. A cash buyer won’t have to rely on mortgage financing or on the sale of their current home, the so-called contingencies, in order to close the deal.
5. Higher home valuation
Since prices tend to be higher and more homes are being sold this season, the data for comparable homes that were recently sold in your neighborhood can also work in your favor. Your agent will have access to more of these comps when setting a price for your home. Likewise, when your home's value is assessed by an appraiser, he or she will look at these comps, so your house is more likely to pass the appraisal if you’re selling it at fair market value.
6. You can be a bit more selective about who you sell your home to.
With more people getting into the market, you can afford to choose who you sell your home to. You don't have to sell your house to the first buyer that gives you an offer, and you can stay firm on your price. The increase in demand affords you the opportunity to receive your asking price and close on the offer with which you are most comfortable. You can also decide whether to sell to an individual owner, joint owners, or even corporate buyers.
7. It's also easier for you to move.
Even though your primary goal is to sell your home, chances are you are also planning to buy and move to a new home yourself. Since entering a real estate transaction can be stressful (not to mention chaotic), it’s another good reason why spring is the best time for you to sell. The weather is more convenient, you can take advantage of the longer days to accommodate home showings and also do your own house-hunting. There’s a greater chance you can sell your home quickly and for a higher price due to the higher demand in the spring.