Spring is usually the busiest season in the housing market. Many buyers wait until then to make their move, believing it’s the best time to find a home However, that isn’t always the case when you factor in the competition you could face with other buyers at that time of year If you’re ready to buy a home, here’s why it makes sense to move before the spring market picks up.
SpringShouldBringaWaveofBuyerstotheMarket
In most years, the housing market goes through predictable seasonal trends in activity. Winter is typically a quiet point in the year, while spring sees a surge of buyers begin their search. And experts project that this year will be no exception
Right now, buyer demand is low due to a combination of normal seasonal trends and a reaction to last year’s rise in mortgage rates But rates have started to come down since last November, which has more and more potential buyers planning to jump into the market That means right now is a sweet spot if you’re in a good position to buy, before more buyers reappear. Affordability is beginning to improve, but demand is still low for now. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), shares:
“ . . . expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”
If you’re ready to buy a home, right now is the best time to do so before your competition grows and more buyers enter the market.
Low demand from buyers often means sellers are more motivated to work with you, and that can set you up to buy a home on your terms In fact, sellers have been more willing to negotiate this winter because there are fewer buyers in the market. According to a recent article from Forbes:
“ sellers gave concessions to buyers in 41 9% of home sales in the fourth quarter of last year.”
But keep in mind, the advantages buyers have this winter won’t last forever. The competition you face could be greater if you wait until spring to make a move, and increased buyer demand means sellers will have less motivation to negotiate with you. Be sure to work with a trusted real estate professional to learn what you can expect in your local market right now
If you ’ re in a position to buy a home, it may make sense to move before spring.
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Take a peek at what experts say will be popular in newhome design this year.
Overarching themes include a continued focus on remote work and outdoor living, a resurgence of color over neutrals, functional kitchens paired with spa-like bathrooms, and the rise of the transitional style Read on for nine design features that will be popular in single-family homes in the coming year.
The all-white trend has finally started to see its decline, as many homeowners now prefer the look of natural wood. “We love the crisp, clean vibe an all-white kitchen has delivered for the last decade, but this year, let’s embrace some cabinets with natural character,” says Leigh Spicher and Jay Kallos at Ashton Woods Homes. “Consider the transition to lighter woods or add a light, natural stain cabinet with the grain of the wood orientated vertically for additional height ”
With remote and flexible work here to stay, both Taylor Morrison and Ashton Woods report getting creative with home office spaces “As long as there are companies allowing employees the flexibility to work from home, we need to accommodate that in our home designs,” shares Brian Juedes, Taylor Morrison’s national vice president of product design “Rather than sharing one full-sized office, home buyers can opt for two smaller tech spaces which is especially beneficial for households with multiple individuals working from home.”
Homeowners are looking to open the look and feel of the kitchen while adding elements that hide clutter, maximize island function, and extend the space into the outdoors. According to the NKBA, the top designs include large islands that function as dining tables, taking down walls so the kitchen is open to other areas of the home, a working pantry, easy-to-clean flooring, outdoor living areas, and sanitary counter surfaces.
While the open floor plan has dominated the industry for years now and will remain popular for some, designers should rethink room and wall placement to make both private and public spaces “As home buyers and homeowners seek out privacy, calm, and quiet, expect the closed floor plan to make a return to style in 2023,” says Zillow’s trend forecast. “Closed floor plans create cozy, comfortable, enclosed spaces within a home, allowing for bold color and design statements in each room ”
Today’s homeowners are using their bathrooms as the ultimate escape. If designed properly, they can truly provide a break from the other duties of a home. According to the NKBA, top emerging trends are removing bathtubs to increase shower size, removing walls to increase the primary bathroom footprint, and connecting to the closet/dressing area.
