Two Reasons Why This Spring Could Be Your Ideal Time to Buy a Home
As we head into spring, the housing market is showing signs that it could be an opportune time for buyers like you to step into the arena. Two major shifts are making this season particularly promising: an increase in available homes and a greater willingness among sellers to negotiate. Here’s a detailed look at why these factors might make this spring the perfect time for you to buy.
- Increased Home Inventory This February, the housing inventory was higher than it has been during any February in the last five years. Data from Realtor.com indicates a significant 27.5% growth in the number of homes on the market over the past year, providing prospective buyers with a wider selection of properties. This increase in inventory not only broadens your options but also enhances your ability to find a home that meets all your criteria.
Danielle Hale, Chief Economist at Realtor.com, points out additional benefits of this increased inventory: “Buyers will not only have more home options, but they are also likely to find somewhat lower asking prices and more time to make decisions—all buyer-friendly factors as we inch closer to the busy homebuying season.”
- More Negotiation Leverage Due to Price Cuts With the rise in available properties, some homes are remaining on the market longer, particularly those that may have been initially overpriced. As a result, more sellers are reducing their prices to attract buyers. The trend in price reductions has increased compared to recent years, reaching levels similar to the more stable market conditions of 2017–2019, according to Realtor.com.
This shift suggests that sellers are becoming more flexible, which could enhance your negotiating power. Whether you’re looking to negotiate on the price, closing costs, or repairs, the current market dynamics might provide you with greater leverage than buyers have had in recent years.
Bottom Line If you’ve been waiting for the right moment to enter the housing market, this spring might just be the opportunity you’ve been looking for. While every local market varies, engaging with a knowledgeable real estate agent can provide you with tailored insights and help navigate your options effectively.