Spring is officially in full swing, which means the housing market is about to pick up steam once again. Despite rising interest rates, the Triangle market is on pace to continue to grow as the weather gets warmer. If you’re in the market to buy or sell, it’s a good time to prepare for what’s ahead this spring.
You’ll want to understand the following four points as the spring housing rush begins to ramp up.
April and May kick off the busy season
Spring has consistently been a popular time for the real estate market. As the market starts to heat up in April, it’s likely the Triangle area will start to see more new homes getting listed to keep up with spring demand.
Spring gets busy for a few reasons. One, as the weather gets warmer and yards start turning green again, the National Association of Realtors reports potential buyers are drawn outdoors and find the motivation to start a home search. It can also be a good time for families to make transitions as school winds down.
Spring and summer will offer more housing options if you’re starting to look for a new home yourself. And if you’re considering selling, keep in mind that it’s a great time to list your home, too. If you’re selling a home, make minor updates by touching up paint and styling your home to make sure it moves quickly.
Most new homes hit the market on Thursdays
Research has shown that Thursdays are the best day to list a home. The reason is because they’re easy to find before the weekend, which is when most buyers tour homes they’re considering buying.
Many buyers wait until the end of the week to plan out the homes they’ll want to tour. Thursday listings rise to the top of the list while older listings sink to the bottom of the listings page. If you’re selling and want to get noticed, talk to your agent about when to post during the spring to get the most traffic to your listening. And if you’re buying, start looking for those Thursday listings to find a great new selection of homes to spend your weekend touring.
Expect a bit of competition
While the Triangle market has begun to cool slightly, that doesn’t mean there won’t be competition. In fact, Triangle MLS reports that in January and February of 2023, of the homes sold to date, 98 percent were sold for listing price.
As more homes hit the market in spring, that will open more options for potential buyers. However, there’s still a shortage of homes in the Triangle, even though 2023 is already looking better from a Months’ Supply of Inventory standpoint. By the end of February, that supply of inventory was pushing closer to normalcy at two months’ supply; yet, a healthy market typically requires four to six months of inventory.
As more homes hit the market, those numbers should start to normalize even more. Just keep in mind that you might still have to work to get the home you want. But you’ll have a much easier time getting that home than you would have during COVID-19.
Remember to get pre-approved
If you think you’re ready to take advantage of the spring housing market rush, the first step you should take is to get pre-approved. Pre-approval will help you know what you can afford as you begin your housing search.
It will also show buyers that you’re serious about a purchase when you make an offer. If multiple offers come through on a home, your pre-approval letter and a strong offer can help the chances of your offer getting accepted.
Talk to a trusted local lender like North State Bank or Towne Mortgage of the Carolinas, who will meet with you to begin reviewing your financial information and to make recommendations based upon your personal needs and their inside knowledge of the Triangle market. It will be incredibly beneficial.
Final thoughts
Spring will bring new excitement for the Triangle market. Connecting with a trusted real estate agent and working with a local lender can help give you an edge as you look to buy this year. Stay patient, and you’ll be in a home you love before you know it.
The Jim Allen Group provides access to information on this blog/website as a public service for educational purposes only. Although reasonable efforts have been made to ensure that all of the information made available is current, accurate, and complete…[read more]