Every year, our spring/summer market goes through two rushes of buyer activity.
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When exactly does the spring/summer market start? When is the best time to enter the spring/summer market?
Houses sell all year long, but what happens in the spring and summer is a large influx of buyers come from a specific demographic: folks who have school-age children. This subsection of buyers produces two rushes of market activity.
The first rush starts about 45 days before school is out for the summer. Why 45 days? It takes the average buyer about 45 days to get through the underwriting cycle because that’s how long banks usually take to approve a loan. Buyers who want to get their kids settled in at the start of summer will start their home search around mid-April or early May.
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The second rush starts about 45 days before school gets back in session. This rush comes from folks who want to spend one last summer in their current home and settle into a new home by the time their kids get back in school.
The second rush happens 45 days before the first day of school.
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The spring rush started a couple weeks ago, so we’re still in it right now, and it should climb all the way into July. Other categories of buyers will be here all year long, though, so don’t make the assumption that houses only sell during spring and summer.
If you have any questions about timing the market or are looking to buy or sell a home, don’t hesitate to give me a call or send me an email. I’d be happy to help.
