Key Takeaways
- Real estate market anticipates hot spring sales.
- Pent-up housing demand and low inventory supply will create lucrative opportunities.
- Don’t wait until spring has sprung to make your move—contact Linda Craft & Team!
Springtime in the real estate industry has historically meant one thing: busy. So, if you’re considering buying a new home this year, there’s no better time to begin preparing than right now! As we start to head into that busy time of year again, let’s look at where we’ve been, where we’re at, and where we’re going so you can make the best decision in today’s competitive housing market.
Understanding the Seasons
Like most industries, residential real estate has seasonality to it as well. For example, the holidays are more significant for toys and consumer electronics sales in October, November, and December. Similarly, the number of homes sold during March, April, and May are nearly always much more significant than at any other time of the year. Historically, the number of buyers and sellers significantly increases in the spring and remains strong throughout the summer months.
However, the usual real estate patterns didn’t happen the way they typically do throughout last year. The coronavirus outbreak and subsequent economic slowdown limited sales during the spring market. These sales were pushed back to later in the year, with the previous fall and winter seeing a dramatic increase in home sales over last year due to the pent-up demand.
For many sellers, this created a white-hot environment where they were getting offers well above their asking prices. The only thing that held the market back was the minimal supply of homes for sale.
And housing supply inventory is another major factor to consider here. It is perhaps the most significant one as it looks to remain influential throughout 2022.
Low Inventory
The virus’s disruptions and low housing inventory have created lucrative opportunities for buyers and sellers alike. With the supply of new-home construction expected to remain weak until the latter half of this year, experts anticipate that the market will remain very competitive and profitable.
To take full advantage of this unseasonal market opportunity, both buyers and sellers need to begin taking action now. For those seeking to become a homeowner for the first time, this means they must start getting their finances in order now. For sellers wondering if now is the right time to sell, they must begin the work of appraising their home’s current value.
Let’s Achieve Your Home Goals
With so much activity rapidly approaching, you need an experienced team you can rely on. Browse our current listings to get an idea of the market or discover your home score before you put it on the market. Let’s connect to explore your options so you can learn more about the benefits of homeownership today. Contact Linda Craft & Team at 919.235.0007!