You can think of spring as the best and worst season for buying a home. Here’s a list of what you’ll love as well as what you’ll hate.
While opportunities are in abundance for buyers in our spring market, it’s a good idea to be mindful of the pros and cons that this seasonal market carries. Consider this to be your essential homebuyer prep course!
Specifically, there are four “loves” and “hates” associated with the spring market:
1. You will LOVE all the inventory. In Downtown Chicago, there are already 22% more homes on the market compared to this time last year. This boost in supply gives buyers a leg up as they venture out to find the perfect home. April and May are often the height of activity for new listings, so you can expect to see homes streaming into the market at that time. With all the excitement, it’s easy to get distracted. Keep your sights set on your essential criteria and your budget so as to not miss out on the right home for you.
2. You will HATE the competition. As the weather takes a turn for the better and the influx of new homes, you’ll see a bevy of buyers in all directions at open houses and competing for the most sought-after properties. There’s more to choose from, yes, but you’ll also be sharing the home buying space with so many others. For this reason, it’s vital for you to have your pre-approval in hand, so you can strike when you spot the perfect home. The prevailing wisdom among home experts is that you should work with a professional who’s active, aggressive, and may even get you into the home of your dreams before it’s even live on the market.
Our spring market is not without its downsides, but is also brimming with opportunities that buyers will love.
3. You will LOVE the weather. This time of year, Chicago rectifies all the harshness we’ve had to endure weather-wise. It gives us a chance to enjoy the outdoors and attend open houses and showings without the biting wind slapping us in the face. It’s also a time to see homes in their best light and see the outdoor spaces that may have been concealed by snow in the winter months.
4. You will HATE the higher prices. Buyers who labored through the harsh winter weather benefited from having more wiggle room with their offers by virtue of the fact that competition was scarce; that meant they could get into a home with a lower offer. The same isn’t likely to be true in our spring market. A buyer may have the liberty to negotiate some with our increased inventory, but the best homes will get snapped up quickly. Bear in mind that you may have to offer full list price on a home that you’re eyeing.
There you have it: Our spring market is not without its downsides, but is also brimming with opportunities that buyers will love. If you’re feeling any pressure, though, summertime is around the corner! If you have questions related to your real estate needs, please reach out to me. I look forward to speaking with you soon!