[POWER LENDING]
HOMEBUYING
SEASON STARTED EARLY THIS YEAR
T
he months of April through July are considered the prime months for the real estate industry as they account for more than 40% of a year’s housing transactions. This is the time people think about whether to keep renting or to move out. The prime real estate season generally varies, but over the years, it has been starting at the end of March (early spring) and lasts through the summer and in some cases early fall. There are varied reasons why this period sees an uptick in sales activities, but generally, good weather is a big factor. It is easy for people to move when the weather is warm, enticing homebuyers to trek to an open house which is difficult in cold snowy weather.
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In addition, many homeowners don’t want to sell their home during the cold months, or during the holidays. With Christmas, new years and all the stress that goes in planning for the festivities, accommodating real estate selling can be a hassle for many sellers. Remember, it is also during this time when most home repairs are done, which ties into home inspections. Inclement weather and a snow-packed roof make it harder for inspectors to give accurate reports to prospective buyers. All these are some reasons why early spring through summer makes a good time to buy a home. But the norm over the years has been changing and homebuyers are seemingly getting an earlier start
especially this year, perhaps driven by the low mortgage rates. A report by Realtor.com listing data from 2015 to 2019 shows the spring seasons now starts in January for many of the nation’s largest markets. Back in 2015, the peak month for average views per listing on realtor.com was April, January lagged behind with a 16 percent. And while it lagged significantly, January saw a surge, ranking as the top month in 20 of the 00 largest metro areas including New York, Los Angeles,
THE POWER IS NOW MAGAZINE | MARCH 2020
