Increased Sales when the Sun Shines
New season, new growth. There’s a saying in the property industry that Spring is the best time to buy a house. The market often sees a flood of new listings during this time.
While we at PropertyFox believe that there are certainly some advantages to buying during the coming months, there are also some things to look out for. If you are focused on optimal timing, consider these variables.
Benefits of buying in Spring
Spring provides perfect weather for house hunting. Driving and searching for houses during the winter season can be quite a drag, with you as the potential buyer making decisions based on the limitations the weather has put on you. During Spring, the birds are chirping, the flowers are blooming and properties are shown in their best light.
During Spring there seem to be more housing listings available. Viewings at PropertyFox increased in September by 107% compared to August 2018. We also saw an increase of 165% in offers to purchase made to sellers. September 2018 saw four times more offers landing in the hands of sellers than September 2017 and August 2017. And in general, we have an average increase of 122% property viewings taking place over summer months.
Spring provides perfect weather for house hunting.
What to look out for
As much as Spring is the time for beautiful weather, it could also be a terrible time to negotiate on an offer. You might have to offer more than asking price to stay competitive — or settle for being the backup offer. Simply put, Spring is not the bargain season. If competition is fierce, you are also more likely to find yourself in the middle of a bidding war.
In spring, as a buyer or seller, you are less likely to spot damp issues in the house as it is dried out. Make sure you do a thorough inspection before putting your home on the market or buying that home you really want.
There is also more competition in the buyers’ market during this time of the year. Although there seem to be more homes on the market, there are also more buyers looking at those homes. Spring produces a rush of potential bidders who, like many sellers, have sat out the previous seasons in hopes of having more options now. And more buyers mean bidding wars and higher prices.
Every season comes with its own challenges, so you need to make sure that you choose the right time to invest in property for you!