The spring market is a big deal. If I had a nickel for every time I hear, "We're waiting to list until the spring," or "We'll start our search in the spring." I get it. The weather has thawed a bit, people are look ahead to school getting out, and the perception is that real estate prices and inventory are at their peak. Unfortunately/fortunately, this just isn't the case.
It's unfortunate because a lot of people fall into the spring market trap. Take a close look at the below graph. What do you see?
What I see is that in 2013 and 2014, the most expensive real estate was sold in November and December. And, June 2014 was pretty unremarkable, comparatively.
Take a look at the situation from a buyer's perspective, in relation to interest rates.
In contrast to the lower sale prices, interest rates were at their peak in the warmer months.
So, what does all this mean? Really, it means that if you're thinking of buying or selling, don't confine yourself. Only buying or selling in the spring market is kind of like waiting to do all of your holiday shopping on Black Friday. Sure, you might find a great deal, but you also had to compete with the thousands of other shoppers who also woke up at the crack of dawn for a 50% off toaster. Weigh the pros and cons, armed with some great graphs, and make the right choice for you!