Historically when our winter weather is as mild as it has been we see the Spring Market in the Greater Philadelphia Area start earlier. As long as we don't have a snowy February then we can expect to start to see inventory begin to rise by the middle of February and Amp up from there.
According to the National Association of REALTORSÂ®, there is, indeed, a home buying season based on the historic data of home sales. During the months of April and July there is a clear increase in home sales over other periods of the year. While homes do sell in every month, this Spring/Summer buying season claims the largest share... approximately 50% of annual sales. This has been a consistent buying pattern even during the housing bubble period of a few years ago.
Why do more homes sell during this time of the year?
- Nicer weather facilitates preparation of homes for sale and can make the search process easier and more enjoyable.
- Buyers with children tend to prefer to move during summer vacations and will search in the months prior to, and just after the vacations commence. Corporations relocating employees will often accommodate this preference.
- The supply of homes for sale increases during this period attracting potential buyers who value the increased selection
A Few Pointers...
1. Make sure you have seen some properties and are really able to focus in on what you are looking for before the beginning of March. This will help you to "JUMP" when you find the right house, as there has been a lot of pent up demand and there will be other buyerscircling these homes as well.
2. Make sure your financing is ready to go. In Pennsylvania you will have to submit a Pre-Qualification Letter from your mortgage company with an offer.
3.Make sure you are ready to pull the trigger. Too many buyers say they wish they had after the house is gone