It is true that spring showers bring May flowers, but in real estate news, May is an exciting month as we begin to see an increase in residential real estate activity!
Since beginning my real estate career in 2004, I have closely watched the trends in the real estate market. This allows me to provide expert advice to both buyers and sellers regarding the best time to buy or sell a home. While each individual transaction has its own unique situation, it is no secret that May is one of the hottest months in real estate. During my client consultations that take place in May, the following items are important considerations.
The school-year clock becomes important for families.
As the school year draws to a close, people are making decisions in late spring/early summer so that they can close in June/July and move by early August. Most families that are moving want to be settled into their new home, so their children have time to meet the neighbors and make friends. In August, school orientations are underway, pre-season school sports have begun and of course the first day of school is right around the corner. In a district like Sylvania, where school reputation is a big driver, timing matters!
I have personal experience with “school year clock” as I moved around the country a dozen times with my first 35-year career. Each move involving my three children had an impact; the two biggest factors were the school district and the timing of the move. The mid-school year moves were always much more difficult for my children, and it took longer for them to adapt. Lesson plans were different, friend groups established, and they did not feel “at home.” Like myself, parents want to avoid mid-year transitions wherever possible.
Inventory finally gives some options.
April into May is when more listings hit the market. People that were casually browsing the internet are now seeing homes come to market in their desired neighborhoods. With more inventory, buyers have a better chance of finding specific features such as a fenced yard, desired proximity to school/parks, 3-car garages, or a finished basement. In Sylvania where buyers are looking for established neighborhoods with space, this increase in inventory motivates buyers to jump in!
Weather makes it easier to act. Summer lifestyle is top of mind!
Spring has arrived bringing with it green grass, blooming trees/flowers, and more hours of natural daylight. Daylight hours extend far beyond 5pm making it easier for buyers with busy work schedules to schedule showings. Better weather also improves moving coordination.
Buyers and sellers alike do not have to fight the brutal cold temperatures and the unforeseen snow to accomplish a move. When I made a move from Virginia to Massachusetts over Winter holiday break, it was in the middle of a snowstorm, and we unloaded our moving van to our new home that had lost power; that was not fun!
People have been inside through the colder months and are now excited to be outside. During showings, buyers spend significantly more time wandering around the exterior of the home and truly imagining themselves enjoying the outdoor space! Now is the time to showcase homes with pools, backyard, patio, and deck spaces that were designed for entertainment. In Sylvania, we also have subdivisions with homes situated on ponds that are fishable and swimmable as well as neighborhoods close to parks and fitness trails. List your home in May when the summer lifestyle has people excited!
Financial readiness lines up
By May, home buyers have been busy getting preapproved. People have had a couple of months to pay down debts that accumulated during the holiday season, and many have recently received tax refunds which increase a buyer’s potential down payment funds. All this preparation puts the buyer in great financial position to make an offer when the home they tour is the one they have been waiting for! Buyers know that the best homes will not sit long, and waiting could mean fewer options or higher prices.
Just Call Jack 419-574-1508!
Heading into May, consider that buyers are no longer dreaming, they are ready to act. Whether you are a buyer or a seller, designing a plan with a trusted Realtor about your upcoming real estate move is critical. I am ready to help you today. Call me and we will discuss your specific needs and devise a strategy to achieve your goals!
