Spring Homebuying Tips

Spring is a time that is often associated with growth and new beginnings. From the outside looking in, it may seem that it is a great time to start the homebuying process. However, you are not the only homebuyer who may have that mindset. Spring can be the busiest real estate season, and despite the increase of home listings on the market, this can mean you will have to compete with other buyers and deal with bidding wars.

That said, the ideal season for homebuying will also depend on your personal circumstances, budget, and timeline. In this article, we have compiled spring homebuying tips and insights so you can be better prepared and understand what buying a house in the spring may involve.

When does spring homebuying season start?

In most of the United States, the spring homebuying season typically begins around late March into April. However, it is important to keep in mind that it may depend on the type of weather you experience in your region. For instance, if you live in a state where a warmer climate is the norm, then spring buying may start as early as January.

Is it a good time to buy a house?

As the birds start singing and the days continue to get longer, home sales start to heat up as well. April is typically the hottest month for homebuying, and this can mean that there is more competition from other buyers to deal with, too.

What is the peak season for selling a house?

Though competition is not ideal if you are buying a house, an invigorated surge of prospective homebuyers is great news for home sellers. March and April are typically the best time of year to list your home for sale, but this peak season often continues through the summer.

Spring real estate season is one of the busiest times because, thanks to warmer weather, it is easier for real estate agents to show houses. But it is not unusual for determined shoppers to start looking before the snow melts. One thing to keep in mind is that the sellers need warmer and dryer weather to make any exterior repairs before putting their home on the market. So even though buyers are ready, your house might not be.

Spring real estate buying tips

Whether you are buying in the spring or holding off until the homebuying surge cools down, it is important to take steps to set yourself up for success. Here are some tips for homebuyers who are looking for ways to help ensure a more seamless, spring-buying experience:

1. Determine your homebuying budget and timeline.

You can use a mortgage calculator to better understand what you can afford, and how much you may need to save for the down payment and closing costs. This will also help you with outlining a reasonable homebuying timeline. Do you need to focus on increasing your credit score before applying for a mortgage? Will you need to sell and buy at the same time? Is it better to hold off and wait for rates to go down? These questions, and more, are important to answer before you jump into buying a home in the spring.

2. Research the current market conditions.

Once you have a homebuying budget in mind, it is important to pay attention to current market conditions. These can vary depending on where you are located, so make sure you are researching areas relevant to your personal home search goals.

3. Get mortgage pre-approval from a trusted lender.

A way to show sellers that you are a serious homebuyer is by getting pre-approved for a mortgage. Once you have a pre-approval letter in hand, it will also provide a more accurate home loan amount that will determine your final budget. Getting pre-approved will help you stand out from competing buyers. 

When is the best time to look for a new home?

Traditionally, the month of April has the newest home listings. So, if you want the most extensive selection possible, that is when to start house hunting. The best time for you to start looking for homes to purchase mainly depends on your local weather. In the warmer states, sales can be healthy all year. But in the colder states, spring marks the start of the real estate season.

In the northeastern and midwestern states, real estate sales get much busier in the spring. Most likely because the harsher winters make home sales slump. The southern and western regions, on the other hand, have strong sales throughout the year, although spring sales still see an increase.

If you can wait and are willing to brave the elements, hold out for the winter. Historically, homes on the market during the winter stay on the market longer. December, January, and even February can bring some motivated sellers and better deals for buyers.

What is the worst month to buy a house?

Generally, the busiest time for home listings is April. Summer follows with the most sales, because it takes an average of 30 to 45 days to close on a loan. However, this may vary from lender to lender.

If you are on the hunt for a good deal, April is probably the worst month to buy. Newly listed homes are at their peak price and bidding wars are more common amongst buyers. If you need to buy in the springtime, you will likely have more listings to choose from, just know you may not find any incredible deals.

Things to consider when buying a house

As a buyer, the very best thing you can do is get pre-approved as soon as possible. That is especially true if you are shopping in a seller's market where houses are sold as fast as they are listed. On the other hand, in a buyer's market, there are not multiple offers on homes, so the competition is not as fierce.

In any market, it is good to get pre-approved right away. It might require you to update some of your documentation, like current pay stubs and bank statements, but it is worth the leg up it may give you when it is time to start house hunting.