Why Spring Is Still a Great Time to Buy (and Sell!)

We’ve all heard spring is the best time to buy or sell a home. The weather is warmer, landscaping is alive with fresh flowers, and there’s more daylight for visiting homes after work hours. But with recent higher interest rates, is the spring season still a good time to make your move? 

Everything’s Coming Up  — or Down— Roses  

While interest rates were higher in 2023, they are slowly moving downward and are predicted to continue in that direction through 2025. After 11 straight interest rate increases, the Federal Reserve has finally signaled three rate cuts in 2024. But if you’re waiting for rates to go down, remember that markets are unpredictable. If you find a home you love now, you can buy down the rate or refinance in the future – and our Lend It Back program offers money toward your refinancing closing costs! 

Meanwhile, inflation has slowed, consumer confidence has reached its highest level in months, and the labor market is strong, meaning more people have solid income for homebuying. And while low inventory has been an issue for several years, the pent-up demand means more homes could finally hit the market this spring. This gives buyers more options, especially if you’re hoping for a newly-constructed home. Because of low inventory of existing homes, builders have seen a big increase in demand, so you have more opportunities to buy a home designed perfectly for you! 

April: The Sellers’ Sweet Spot 

According to Realtor.com®, there is one week every year that’s deemed “the best” time to sell your home. In 2024, the week of April 14–20 is the best time to sell, based on data indicating interest in homes, quicker sales, and enjoying some extra cash at closing! 

“The third week of April brings the best combination of housing market factors for sellers,” says Hannah Jones, Realtor.com® senior economic research analyst. “The best week offers higher buyer demand, lower competition [from other sellers], and fewer price reductions than the typical week of the year.” 

Selling in spring also means that with more buyers checking out your pad, you might be able to command a better price, with less negotiation. And don’t forget that curb appeal is a big help in selling! 

The Downside of Spring Buying    

While spring offers more home choices, competition is also strong. With more buyers searching for homes, you’ll need to be ready to act quickly if you find a home you love. Getting pre-approved can give you a huge competitive edge because the seller knows your financing is solid. 

Spring is also a great time to clean up your finances. Review your credit report, pull together your bank statements and tax returns, and review your budget and savings to know for sure that you’re ready to buy a home. Plus, having all this information ready will make your application, and hopefully approval, much faster.  

To Everything There Is a Season 

Even if you decide not to buy or sell this spring season, it’s a great time to learn about your wants and needs for a home, your preferred neighborhoods, and how well your financial profile matches the homes you want. Go see homes for sale and check out their financing so you’ll know that you’re ready – or more comfortable waiting. And if you have questions, Atlantic Bay is always here to help!