Buying Before the Spring Market Hits

Buyers may want to pull trigger before competitive spring market hits

Despite a healthier economy supporting wage and income growth, the narrative that homebuyers are struggling to afford homes for sale hasn’t changed much. House values are still on the rise, meaning shoppers are struggling with how much house they can afford.

Although signs point to a more equalized housing market on the horizon, buyers looking to make a home purchase soon may want to pull the trigger before the competitive spring market hits.

Home listings

Sellers who list in the first two weeks of May typically earn $1,600 more on average, and see their properties sell six days sooner, according to Zillow. This presents an opportunity for lenders to educate and assist prospective borrowers on their options and best purchasing power potential.

Home sellers also maximize their listing potential when they put their properties on the market on a Saturday, which gets the most page views of any other day. It may benefit borrowers to do some digging on off-peak days like Tuesday, where listings see the least action and 20% less views than Saturdays.

Local housing market conditions most accurately determine the best windows for prospective purchasers to buy a house, so lenders can share best opportunity times with borrowers and help them prepare with things like getting prequalified.

In Minneapolis, house sellers listing in the first two weeks of May typically sell for $4,900 more, the largest premium for timing a listing of any analyzed city, according to Zillow. The opposite is true for Austin, Texas, and Miami, which see gains of $1,400 more per listing, on average.

Posted on on 2/19/19.