Real Estate Blog

Is Springtime a Good Time To Sell?

The answer is yes!

As the vibrant hues of spring paint the landscape and flowers bloom, homeowners often find themselves contemplating a significant decision: Is it the right time to sell their home? Springtime, with its promise of renewal and rejuvenation, has long been considered an optimal season for real estate transactions. Indeed, recent trends suggest that the allure of selling a home during this season remains strong. With the housing market showing signs of recovery and revitalization, many homeowners are eager to capitalize on the favorable conditions. However, despite the positive momentum, there are lingering challenges to consider. While the number of homes for sale and new listing activity has shown improvement compared to last year, the inventory of homes still has a significant journey ahead to reach pre-pandemic levels. In this article, we delve into the dynamics of selling a home in spring, exploring the opportunities and obstacles that homeowners may encounter in the current market landscape.

Compared to last year, there has been a notable increase of 7.9% in the number of homes actively for sale. Additionally, the total number of unsold homes, including those under contract, rose by 6.5% from the previous year. Home sellers showed slightly more activity this January, with a 2.8% increase in newly listed homes compared to last year. Despite these changes, the median price of homes for sale in January remained relatively stable, growing by 1.4% from the same time last year. Homes spent an average of 69 days on the market, which is four days shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.

Realtor.com®’s January housing data indicates ongoing improvement in the number of homes for sale and new listing activity compared to last year. However, the inventory of homes for sale still has a significant way to go to return to pre-pandemic levels. With limited existing homes for sale, listing prices are gradually increasing, and the time homes spend on the market remains lower than in recent years. While declining mortgage rates are helping to ease the cost of purchasing a home, the housing market may experience fluctuations between improvement and stability in the coming months. Recent economic data, including stubborn prices and a robust labor market, has created uncertainty regarding Federal Reserve decisions and mortgage rates in the near term.

Two Reasons Why Selling Your Home This Spring will Benefit You

Expanded Options for Your Move

Are you considering selling because your current home no longer meets your needs? With the year-over-year growth in available homes, you now have more choices for your next home search. This means finding a suitable property may be less challenging than before. If you've been hesitant to sell due to concerns about finding a suitable home, this news may offer the reassurance you need. Partnering with a local real estate professional can ensure you stay informed about available properties in your area.

Limited Competition in the Market

Despite the increase in available homes, the market still has fewer listings compared to a typical year. According to data from Calculated Risk, inventory remains nearly 40% lower than in 2019. While the inventory is gradually improving, it still has a way to go to reach pre-pandemic levels. As noted in a recent Realtor.com article, "the number of homes for sale and new listing activity continues to improve compared to last year. However, the inventory of homes for sale still has a long journey back to pre-pandemic levels." For sellers, this means that with proper pricing guidance from an agent, their homes can still attract significant attention from eager buyers and sell quickly.

Bottom Line

If you're considering selling your home, now is a favorable time. You'll have more options for your next home purchase, and competition from other sellers remains relatively low. To kickstart your move, reach out to a local real estate agent to initiate the process.

Sources: Realtor.com, Calculated Risk