Wednesday, March 20, 2019 / by Angela Hunter
Spring Selling Season: Buyers vs Sellers
The beginning of the Spring Real Estate Market is in Full Bloom, as it ignites a frenzy of buying and selling across the nation. As the busiest time of the year, the spring selling season generates an onslaught of activity that can be mutually beneficial for homebuyers and sellers alike, offering unique perks for each standpoint. We examine what the season means to buyers and sellers and provide potential recommendation for each viewpoint.
What Homebuyers Need to Know:
With spring officially underway, the first thing homebuyers need to understand is that inventory levels are low. In fact, the biggest challenge buyers in many markets will face is actually finding a home to buy. Therefore, home hoppers who start their search in early spring may not be able to secure a house as quickly or easily as they’d hope.
However, the upside for homebuyers is the fact interest rates on home loans are incredibly low. According to Freddie Mac’s outlook, mortgage rates for a fixed 30-year loan are expected to stay attractive throughout the spring home buying season, including the second half of the year. The 30 year fixed rate mortgage averaged 4.35% in February 2019 and the lowest since February of last year per Freddie Mac.
What Sells Need To Know:
Spring tends to have positive results for sellers, and this year is expected to be no different. The spring real estate market offers the most advantages to sellers, as homes not only sell for more money, but inventory sells faster.
According to Zillow, homes sold from mid-March to mid-April sell around 15 percent faster and for two percent more than the average listing, and homes listed in late spring (May) sell around 18.5 days faster and for one percent more than the average listing.
The spring selling season continues to be one of the major hallmarks of the real estate industry, providing a wealth of benefits for homebuyers and sellers alike. Ultimately, the best time to buy or sell a home is when it’s the right time for you.