How do we know spring is on the way? Our jackets are covered in horse hair and our boots are covered in mud! Also the horses are muddy. And the dogs are muddy. Basically, mud is everywhere. We are pretty sure that early spring is only 10% flowers and baby animals, and 75% mud. (The other 15% is reserved for slivers of sunlight peeking through the rain clouds.)
The real estate market is also starting to spring. As of the last day in February, we saw 42 new listings come on the market. That’s more than in January or December, even though both of those months had an extra 3 days each.
Now let’s take a look at years past. Over the last 5 years, there’s been a huge spike in the market right after February (in March). That’s the “official” start of the spring real estate season.
Spring is usually when the most inventory comes on the market, The last two years have seen inventory peak in July, but before that we would traditionally see our inventory peak in May. What will the spring market be like this year? It’s tough to say for sure, especially since we’re looking at county-wide trends.
But we’re pretty confident that as more inventory comes on the market, buyers are going to be snapping it up as fast as possible. Interest rates are starting to climb, and just half-a-percent can add hundreds of dollars to a monthly payment. Second-homes and vacation-rental properties are in increasing demand, which is going to put more pressure on the housing inventory.
The flip side is that if your home is feeling too small, this spring is a great time to step up into a larger home. It will give you the most options for your next home purchase. If you’ve been in your home for 3 years or more, you almost certainly have more equity than you started with.
Questions about how to make a move in the upcoming market? We can lay out your options with a complimentary market analysis. All you have to do is ask!