Is Spring the Best Time For Real Estate in Every U.S. Market?
The overall consensus is that the spring months are the hottest months for the U.S. housing market, but this is not the case in every U.S. market. Even though many say the warmer weather brings the improved market, there are places in the country where this does not apply.
“Markets with a later spring – cold weather states in particular like Alaska or North Dakota – might have a later start to the traditional home selling season, while markets with more temperate clients like California and Hawaii may not be quite as dependent on changing seasons to encourage home buyers and sellers from coming out of their winter hibernation. Real Estate agents and mortgage professionals need to be experts about trends and timelines in their local market if there’s a foot of snow on the ground,” explains president & CEO of CJ Patrick Company, Rick Sharga.
Those in the industry look at the housing market as a year-round opportunity for business. There will be an influx during certain seasons in the year. Heavy winter months potential sellers and buyers will not want to get out in the housing market, but in areas such as Nevada there is no snow to contend with.
“As you know, the spring season here in Las Vegas is generally short. It could be 85 degrees here one day, then 100 degrees plus for the foreseeable future. We do however see springlike weather earlier than most, which I believe is an advantage since we find buyers shopping early,” says Cole Wilson with Guild Mortgage.
Another contender is Arizona where it is always hot and dry. “We have seen inventory extremely low in certain neighborhoods during this spring season. Sellers are more resistant to selling and downsizing/upgrading due to the lack of available supply and keeping the current low-interest rates on their existing mortgages,” says Lisa Luck with Russ Lyon Sotheby’s International Realty.
Real estate markets in the warmer states tend to be a little busier during the winter months over the spring months. If you are in the market for a new home or want to sell your current home contact a local Realtor. Your local Realtor knows the ends and outs of your local market and can get you the best deal.