Why it Makes Sense to Move Before Spring

Spring is usually the busiest season in the housing market. Many buyers wait until then to make their move, believing it’s the best time to find a home. However, that isn’t always the case when you factor in the competition you could face with other buyers at that time of year. If you’re ready to buy a home, here’s why it makes sense to move before the spring market picks up.

Spring Should Bring a Wave of Buyers to the Market

In most years, the housing market goes through predictable seasonal trends in activity. Winter is typically a quiet point in the year, while spring sees a surge of buyers begin their search. And experts project that this year will be no exception.

Rates have started to come down since last November, which has more and more potential buyers already jumping into the market. Right now is a sweet spot if you’re in a good position to buy, before more and more buyers reappear. We've already seen in the first month of the year in Northern Virginia an influx of buyers at open houses, multiple offers on homes, and escalation clauses beating other buyers to the punch. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), shares:

“. . . expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”

If you’re ready to buy a home, right now is the best time to do so before your competition grows even more with more buyers entering the market.

Today’s Sellers Are Motivated

Lower demand from buyers before we emerge into the thick of the spring market often means sellers are more motivated to work with you, and that can set you up to buy a home more-so on your terms. According to a recent article from Forbes:

“. . . sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter of last year.”

But keep in mind, the advantages buyers have right now won’t last forever. We've seen the Northern Virginia market to be an exception to some national headlines as the competition has already been picking up. The competition you face could be greater if you wait until March or April to make a move, and increased buyer demand means sellers will have less motivation to negotiate with you. Be sure to work with a trusted real estate professional to learn what you can expect in your local market right now.

Bottom Line

If you’re in a good position to make a move, it may make sense to move before spring. The Northern Virginia market is already bustling with buyers! Working with your team of expert real estate advisors (*wink, wink*) is the best way to learn about the current market and what it means for you. Let’s connect today to determine the best plan to achieve your homebuying goals.