Uncategorized May 9, 2024

Spring Has Sprung

It’s the time home buyers and sellers alike have been waiting for… spring!

It’s time to fling open the doors and usher in the busiest time of the year for real estate.   

Here is what to expect.

Increased Activity

“Spring brings a surge in real estate activity for a few reasons,” says Laura McCarthy, Sales Associate at ERA Justin Realty, “Longer, warmer days literally mean more hours in the day to show homes in the best light – natural light! Sellers who have been waiting for winter to pass are now ready to list and buyers are ready to look.” 

More Inventory

As more sellers enter the market during spring, inventory levels rise. “This gives buyers a wider selection of homes to choose from, making it more likely they’re find the perfect match,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “However, it’s worth noting that while inventory grows, well-priced and desirable properties can still sell quickly.”

Higher Demand

Spring is a popular time for families to look for a new home because it’s easier to move kids during summer break from school. “Putting an offer in on a new home in spring gives families enough time to close and move before the start of the new school year,” says McCarthy. Increased demand can mean competition for buyers and potentially multiple offers and quicker sales for sellers.

Price Appreciation

The combination of increased demand and limited supply during the spring months often leads to price appreciation. Sellers may benefit from higher sale prices as buyers compete for desirable properties. 

Mortgage Rates

“While prices are increasing, mortgage rates are continuing to slowly but surely go down,” says Metzger, “This helps buyers offset their monthly payments and make it possible to afford a higher priced home.” 

Bottom Line

The spring real estate market brings both higher demand and a greater inventory of homes for sale. It’s crucial for both buyers and sellers to stay informed about local market conditions and work with professional real estate agents who can guide them through the process. ERA Justin can help. Give us a call at (201) 939-7500.