Buying a House this Spring?

Every home buyer has gotten the advice to wait until spring to start looking. The working theory about buying a house in spring is that it is the best time to start looking because of the increase in inventory. However, it does mean there are many other people looking for homes as well.  

Even though this is prime time for buying a house, it can also bring about a lot of frustration.

Homeowners Are Selling

Homeowners are always waiting to list their homes until the spring.  They want the warm weather and eager buyers to make their debut on the market.  That creates an open inventory for buyers who are looking to make a purchase in the spring.  There may be more choices than they know what to do with.

With this additional inventory, there are even more buyers looking for houses.  Meaning there are more people competing for the same houses. Many people find themselves stuck in an unwanted bidding war when shopping in the spring because there are just too many buyers who are interested.

Visiting Houses

Since there are more homes on the market there are always open houses.  For those that prefer an open house versus a one-on-one visit to decide if they like a home, they are going to be happy with their ample options.  Most homeowners like to start their sales out with an open house to introduce the neighborhood to the listing.

Window shopping with open houses is a dangerous game to play, especially in the spring.  Homeowners and buyers are more motivated to make a sale. Properties are getting bought left and right during the spring months.  Any home buyer who wants to make a purchase needs to go in with a pre-approval and make serious offers.

Better Conditions

Shopping in the spring has an upside.  There is no need to walk through the cold or wade through snow to get to houses.  Plus, a buyer can really see what they are getting into with their yard in the springtime.  If they make a purchase in the winter they are not likely walking around outside to see how the yard looks.

Pricing

The pricing in the spring is going to be a bit disappointing.  Springtime shopping means buying a house when the market is hot.  Homeowners are going to know this and price their homes higher. Most buyers will know they are competing against others and will make higher offers to ensure their offer chosen by the homeowner.  

A good thing about pricing is that it is not the end-all, be-all answer.  Even though another buyer may offer a better price a home buyer may offer better conditions on their contract that will be more attractive to the sellers  

Finding the perfect time for buying a house is not easy.  Some homeowners find it best to fight the crowds and make a purchase during the springtime in order to have an easier time visiting open houses and viewing the property. Others do not mind waiting until the slower months where the prices have dropped and the competition is staying inside. Either way, be prepared for the situation.