The real estate market is neither a safe bet nor a dangerous one. Currently, on the rise of recovery, the real estate market is known for its unpredictability. Nevertheless, through its twists and turns, certain trends and patterns are followed. Almost cyclical, the real estate market’s periods of competition are associated with the seasons. Also known as “real estate seasonality,” buyers and sellers can easily take advantage of the real estate trends notably synonymous with the four seasons to make the most out of their investments.
Just as spring symbolizes rebirth and renewal, it symbolizes the beginning of the most competitive periods for the real estate market. Like the rise in temperature, competition begins to heat up. According to Zillow, homes listed from mid-March to mid-May sell 15-19% faster and for 1-2% more than the average listing. Spring brings with it the peak of home-buying demand, allowing sellers to price homes at higher listings, compared to other seasons. Therefore, to take full advantage of the prime real estate season, curb appeal is crucial. As the heat brings everyone outdoors, a property’s spruced up appearance is certain to interest and appeal motivated buyers, as well as provide a surprising return.
Spring is a prelude to summer and could even be considered better. Riding off spring’s demands, there are very few reasons NOT to buy during the summer. Due to excess listings placed during the spring that has yet to sell, surpluses allow for list prices to rise and for more investment opportunities to choose from. However, there’s still somewhat of a demand rollover for homebuyers who couldn’t obtain a property during the spring. Thus, during the summer, the real estate market is at its most active, especially with school around the corner. Other noticeable trends synonymous with the summer include sustainable gardens and backyards as well as infinity pools, swim-up bars, and natural swimming pools.
As summer comes to an end, so does the prime season for the real estate market. Fall is considered the end of the busiest season to buy or sell a home. As business slows down, buyers lower prices to accommodate a slower market, a plus for homebuyers with a smaller budget. However, experienced sellers take advantage of a slower market to stay one step ahead of the competition: exposure. Although spring and summer are the most active months, it also means they’re the most competitive. In turn, this means there’s less attention on you. Fall allows you to become the center of attention since professional realtors have more time on their hands. Additionally, delays and setbacks are not as serious during the slower season. Nonetheless, it’s also important to keep properties well-maintained due to weather changes and to update curb appeal as well.
Winter is the slowest season, but one of the biggest benefits for the prospective seller is serious buyers. Unlike spring and summer homebuyers, which come in waves and take their time, winter-time buyers are known to be straightforward and cooperative enough to get a deal done as smoothly and as efficiently as possible; however, the harsher, colder conditions and the holiday season makes the winter the slowest season for the real estate market.