Why spring is a good time for homebuyers
Sometimes, you can't choose when you move. If you're starting a new job in a new state soon, for instance, you don't have the luxury of waiting around. 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 better for inventory while others are better if you're looking more closely at price.
Spring is a great time to search for a house for many reasons. We'll take a closer look at these reasons below.
Kick off your house hunt by comparing mortgage options and rates here.
Why spring is a good time for homebuyers
With the days getting longer and the weather getting warmer, people are more motivated to get out and about — and that includes starting their house hunt. There are plenty of good reasons to begin looking for a home in the spring. Here are the big ones.
Warm weather makes house hunting (and moving) easier
Trekking through the snow and ice to attend open houses and showings can be a pain. It's also harder to see what landscaping and other exterior features are like when a home is covered in snowdrifts. If you wait until things thaw, house hunting will be less of a hassle — and so will moving.
Inventory is high
Sellers are just as eager to avoid moving in the winter, plus they know their homes show better when the grass and flowers are on full display. As a result, more houses hit the market when spring rolls around. For example, according to a Redfin U.S. Housing Market report, the number of homes for sale in 2022 rose from about 1.1 million in February to about 1.6 million in May. More inventory means you have a wider variety of homes to choose from, giving you a better chance of finding one that checks off your must-haves.
That said, demand is also higher in spring, which means there's more competition. This can lead to higher listing prices and bidding wars that drive the price up further. Be prepared for these possibilities and factor them into your budget when looking for a house in the spring.
Explore your mortgage options here and start the home-buying process now!
You can settle in before the new school year
If you have kids, you know the start of the school year is a hectic time. Adding a move to an already-busy schedule can multiply the stress exponentially. It takes an average of about 50 days for a home to close, so if you start looking in the spring, you should be able to move in early to mid-summer if there aren't any hiccups. This gives you plenty of time to unpack and get settled before your kids start school.
You might have extra money to spend
Some times of the year are more financially demanding than others. The holidays can be expensive, for instance, and fall brings a slew of back-to-school costs. In the spring, however, many people start getting tax returns, which can add some money to your homebuying budget.
Just don't let some extra money tempt you to spend more on a home than you otherwise would. You're better off using spare cash to boost your down payment, which can lower your mortgage amount and interest rate.
The bottom line
No matter what time of year you start your home search, there are some basic tips to remember: set your budget ahead of time, save up a healthy down payment and shop around for mortgage options. That way, you'll ensure you get the best house at the best price possible.
Ready to start house hunting? Check out current mortgage rates here.
