What Makes the Spring Market So Hot?
You’ve heard about it, but here’s why it matters if you’re thinking of selling your home.
If you’ve ever met a real estate agent, you’ll know that they talk about the Spring Market with the kind of anticipation and delight most people reserve for birthdays or holidays. They get a little gleam in their eye when they talk about it, and while it’s happening you’ll probably have a hard time getting them to think about anything else.
In our area, the Winter seems to have dragged on and on, making it tough to think about Spring some days. (You may even have seen me interviewed about it here.) But even with the unseasonably chilly weather, the Spring Market arrived just like always. And oh boy, it’s a hot one, with some homes selling over asking price even before their first Open House.
If you’ve been putting off listing your home, it’s time to hop to it! Here’s why the Spring Market matters so much for DC-area real estate.
One of the reasons that Spring is an exciting time for real estate in Alexandria and the surrounding DC market is the forced hibernation in our area, causing many of us to hunker down indoors. Especially with the late Winter weather, people are itching to get out of their routine and look at some fresh new surroundings. After being cooped up for months, a new home feels like a whole new beginning.
In addition, hopeful home Buyers with a green thumb who are currently living in an apartment or condo may be searching for that perfect bit of garden to dig into this Spring and Summer. Others have been dreaming of backyard barbecues. That makes this the perfect time to market homes with desirable outdoor spaces like a yard, patio, deck, or porch.
Home Buyers with children who are still in school begin gearing up their home search this time of year in order to take advantage of the Summer vacation to unpack and adjust to their new surroundings. A Buyer looking now will probably go under contract over the next few weeks, then close right around the time school lets out for the Summer. That means they’ll have plenty of time to get the kids used to their new neighborhood before school begins in the Fall.
Because our school calendars trend a little later than many metro areas, there’s still time to take advantage of this important market segment. Getting your home ready to list over the next few weeks will allow you to dazzle them right when they’re ready to buy.
Lack of Inventory
Most major metropolitan markets have been contending with low inventory for several years now, and DC is no exception. The reasons are many: post-2008 home building slowdowns, diminishing labor pools for new construction, and economic and political uncertainty in some areas. That means that with fewer homes on the market, Buyers are ready to snap up desirable properties, sometimes even before they are officially listed.
Because the slower Fall and Winter selling season results in an inventory bottleneck, demand is even higher. Now those who didn’t want to deal with Open Houses during the holidays or shoveling snow for Buyer walkthroughs are in a position to be one of the first ones listed in their neighborhood.
Did you know that Millennials make up the largest generation, outnumbering even Baby Boomers? Those number mean that there are more Buyers than ever looking for a home, and you could be one of the lucky Sellers to find yourself in a multiple offer situation. A combination of low inventory and the massive number of Millennials graduating from college, coming of age, and looking for their first home purchase is creating unprecedented demand.
In many desirable neighborhoods, in fact, homeowners whose houses aren’t even on the market are getting knocks at their doors from hopeful Buyer Agents. Being first to the market in one of these areas can pay big dividends at the closing table.
There’s no time like the present to sell your DC home! Check out my suggestions for getting your home ready to sell, then contact me to get started! We’ll get you geared up and on the market in time to greet those excited Spring Buyers and find you a great new space of your own!