As a real estate investor, I have always subscribed to the old adage that any time is the best time to purchase real estate. With that said, springtime is my personal favorite, as both buyers and sellers emerge from hibernation; show shovels replaced by sun showers and the optimism of what is new and exciting emerging like spring flowers.
There are several advantages to both the buyer and seller in a spring market, and here they are:
More homes on the market and more active buyers
Simple supply and demand theory applies. From the end of February to the end of May, the number of homes listed for sale, in the London real estate market, typically increases by approximately 30 per cent. This is good news for buyers, as there are more homes to choose from, and good news for sellers as well, as the buyers who didn’t want to brave the winter weather now venture outside and begin their search for a new home.
Increased viability and curb appeal
As the purchaser, I admittedly find it very difficult to check the quality of a roof or look for cracks in a foundation when a layer of snow covers both. Those rainy days of spring are perfect for uncovering a leaking basement. Conversely, as a seller, it is my time to proudly show off my landscaping and uncover the in-ground pool, which is sure to attract interest on a hot day. The daffodils are blooming, the smell of lilac engulfs the neighbourhood, and my place has never looked better.
The timeline to deal has been established
There is nothing like a deadline to motivate a buyer or seller to act. The wisdom behind the spring sale is to give both parties time to close before summer sets in. Families often want to be moved in by summer so children can be registered in new schools, the family vacation can commence, and that in-ground pool can be enjoyed for a full season. Because of this, some sellers become nervous as summer approaches and their house is still on the market; their neighbours sold a month ago. Perhaps a price reduction is required to attract the remaining buyers? Patient buyers can take advantage of this and can often find a great deal by simply knowing the sellers timeline.
The spring real estate market: I love it.
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