Understanding the spring market!

Two weeks ago we had the largest number of new listing so far this year… and then this past weekend we had almost no new listings. The economy didn’t change between Monday through Friday (although interest rates did get better), of course the answer is a holiday weekend. Memorial Day is not only the start day for adding white to your wardrobe, it’s also the unofficial start to summer, especially for real estate. It’s often easily assumed that spring is great for real estate, but there is a lot to consider. 

I’ve joked for years that the real estate season starts each new year the weekend after the Seahawks season ends. Days are getting noticeably longer. The holidays and all the obligations of the season are behind us. We reach the halfway point in the school year. And spring fever kicks in. So of us also get a nice tax refund to imagine the possibilities of… a sunny vacation, a new backyard or maybe an RV.

But when you’re spring agenda includes buying or selling a house, there are a lot of dates to consider: MLK weekend, President’s Day/Valentine’s Day/Mid-winter break, Easter, Mother’s Day, Spring Break, and Memorial Day, maybe Father’s Day. If you’re a real Seattleite you probably add Opening Day of Boating Season, the Summer Solstice Parade and maybe even Juneary. All these holidays have a huge impact on when houses come on the market and when buyers are looking to buy. Does Mom want a new house after being treated to brunch on her special weekend of recognition? (Maybe) Is anyone not skiing or on the beach somewhere for Midwinter Break? (This is usually a very busy time for family travel) 

The weather is also a huge factor in should I list my house in February or May? No one looks at homes during a monsoon. But it’s also true that house hunting is rarely on the list of activities when the sun busts out for the first time each spring and we have that unexpected glorious weekend. So “Goldie Locks weather” is usually what sellers and buyers want to have for getting to work. 

The timing of a listing is critical to the success of a listing. A lot of that is planning. A little of it is luck. But as with all things, being methodical, having a plan and executing so you’re ready to meet buyer’s expectations is the key to a successful listing. 

For buyers, don’t get frustrated with lack of inventory. Know that houses are coming. Know that as soon as school is out and summer plans kick in, the market still has great homes coming on line and your competition might be taking a break. 

And then of course you could zig when other’s zag… the contrarian approach to if everyone is doing this, maybe I should do that to differentiate can work too. The moral of the story is that there is a lot of art to the practice of real estate. The science and economics should never be underestimated, but having a professional that knows the market and can help execute your story to be successful, these are a few of the things you should be considering!