Tips And Tricks For Navigating The Spring Housing Market

For many, springtime means sun, flowers and making plans for the summer. But if you’re looking to buy a home, springtime may look more like endless open houses, bidding wars and stiff competition for homes. Competition can make getting into the home of your dreams more challenging – but it’s not impossible. You just need to be prepared.

Use our guide to help you navigate the spring housing market confidently and decide whether spring is the best time to buy a house.

When Does The Spring Housing Market Start?

In neighborhoods across America, the spring housing market generally begins in April and lasts until June. July typically marks the start of the summer housing market. If you live in a warmer region, the spring home buying season may begin as soon as January and last until May. If you’re in a colder region, your spring market may be much shorter depending on the weather and coincide with the melting snow.

The supply and demand for housing can heat up during spring due to a combination of factors, including warm weather, lush lawns and easier access to open houses. The warmer weather can boost the number of new listings, giving buyers more homes to choose from.

Is Spring A Good Time To Buy A House?

According to the National Association of REALTORS^® (NAR), the spring season stimulates more activity in the housing market and higher list prices than the fall and winter months. However, prices aren’t at their peak yet. You may get a great deal on a listing that didn’t sell during the winter.

Despite the low prices you may find buying a house in the winter, many prospective home buyers don’t want to brave icy roads or snowy weather to travel to open houses. Since the days are also shorter, it can be difficult for a home buyer to visualize everything a property offers against dark, cloudy skies. Not to mention, the winter months are usually hectic enough with the holiday season in full swing.

That’s why buying real estate in spring can often be more appealing. During the spring real estate season, factors like road conditions, holidays or weather aren’t likely to pose an issue. Moving during spring, by yourself or with a moving company, shouldn’t raise any safety concerns – though you may pay a moving company more than you would during their offseason.

What To Know About The 2024 Spring Housing Market

So, what’s the state of the real estate market today? While spring traditionally offers increased housing inventory, creating a buyer's market, experts predict 2024’s spring market will look quite different.

The National Association of REALTORS^® estimated the U.S. had a 3.2-month supply of housing inventory in December – low enough to make it a seller's market. Given the tight supply of homes and high mortgage rates, potential sellers may hesitate to attempt to find a new home.

The Federal Reserve (the Fed) has indicated that mortgage rates may start trending downward later in the summer or fall.

Because surges in home prices connect to housing inventory availability, the average asking price of a home continues to rise. The median sale price of existing homes reached $389,800 in 2023.

5 Tips And Tricks For Navigating The Spring Housing Market

When buying a house, you’ll want to do everything you can to get the best deal and ensure a seamless move into your new home. Here are some best practices when buying real estate in spring.

1. Understand Market Conditions

Take a good look at current market conditions to help decide whether you should buy a house in the spring. Market conditions include whether it’s a buyer’s market versus a seller’s market, current mortgage rates, real estate trends in your desired areas and more. These conditions can change year-over-year and throughout the year – even during the spring season – so evaluate each condition before buying real estate in spring.

2. Determine Your Must-Haves

With the potential for a fiercely competitive market in the springtime, it’s essential to do your research and decide on your must-haves. Being decisive and prepared can be the best way to make offers that stand out or score your dream home before the price goes up.

Here are a few factors to research well before diving into the spring real estate season:

• The features you want in your dream home
• The locations and neighborhoods you’re interested in
• The number of homes in the area
• The home values in the area
• Neighborhood or community services and amenities
• Local police crime rates and reports
• The school district and its ratings
• The downtown area and local attractions

The more you can research and decide before you start house hunting, the easier it will be to identify your top properties.

3. Get Approved For A Mortgage

It’s helpful to sort out your loan options well before entering the spring real estate market. Consider applying for mortgage preapproval before you start touring homes and attending open houses. With a preapproval, you’ll know how much home you can realistically afford and which lenders are offering the best interest rate.

4. Work With The Experts

You can buy a home on your own, but it helps when you have an expert on your side. Let’s look at some real estate professionals or experts you should work with, especially when it’s your first time buying a home.

Real Estate Agent

Before entering the spring real estate market, consider working with a real estate agent. Real estate professionals can offer in-depth knowledge of an area and may be able to negotiate seller concessions to help you get into your dream house at a lower cost.

Real estate agents are invaluable during a bidding war and can perform a comparative market analysis (CMA) if you’re worried about paying more than a home is worth. And you can lean on an agent’s network to get contractor referrals for home renovations or repairs.

Home Inspector

Consider enlisting a home inspector for the spring housing market frenzy. Extreme weather conditions during the summer and winter can amplify potential issues in a home, which won’t likely happen during mild spring conditions. But a professional home inspector can uncover even the hidden problems in a home – no matter the weather.

A home inspection can bring to light any issues with a home’s structure, plumbing and HVAC system, windows and window frames and other features that may influence your decision to purchase a home.

Potential Neighbors

The homeowners right next door are likely the best people to ask about the good, the bad and the up-and-coming in the community. Ask about the quality of the school district or ask local business owners how busy downtown can get.

Locals can offer expert insight into a community – flaws and all.

5. Stand Out With A Verified Approval Letter (VAL)

With so many buyers flooding the market, it’s critical to do everything you can to secure a competitive edge and make your offer stand out. One surefire way to do that is with a Verified Approval Letter (VAL).¹

A VAL immediately boosts a buyer’s credibility and tells a seller two things about you. First, you’re proactive and have already made plans for financing. And second, you’re serious about buying the seller’s home.

Because financing issues are a common culprit behind many failed home sales, presenting a VAL can give a seller peace of mind – and you might land the purchase.

Spring Housing Market FAQs

Will 2024 be a better time to buy a house?

Rates have dropped since their high in October 2023, and the Fed has indicated that rates may continue to drop as the year goes on. However, high mortgage interest rates and low housing inventory may continue to pose difficulties for some buyers.

What is the slowest month for the housing market?

October, November and December are the slowest months for the housing market. Families are less likely to move during the school year, and people are hesitant to buy or sell as the holiday season approaches.

Should I buy a house now or wait for a recession?

Waiting until a recession to buy a house generally isn’t recommended. First, home prices can remain stubbornly high even in tough economic climates. And it’s riskier to make a big-ticket purchase, especially if your earnings or job stability take a hit during the recession.

The Bottom Line: Plan Ahead For A Successful Spring Home Buying Experience

Buying a house at any point in the year can be stressful. And no matter the year, each season presents different pros and cons for home buyers. As long as you know what to expect in the spring real estate market, you should be able to make a deal on a home you love.

If you’re ready to buy real estate in spring, don’t leave things up to chance. Get started on an application for a mortgage with Rocket Mortgage^®, so you’re ready to make an offer as soon as you find your dream home.

¹Participation in the Verified Approval program is based on an underwriter’s comprehensive analysis of your credit, income, employment status, assets and debt. If new information materially changes the underwriting decision resulting in a denial of your credit request, if the loan fails to close for a reason outside of Rocket Mortgage’s control, including but not limited to satisfactory insurance, appraisal and title report/search, or if you no longer want to proceed with the loan, your participation in the program will be discontinued. If your eligibility in the program does not change and your mortgage loan does not close due to a Rocket Mortgage error, you will receive the $1,000. This offer does not apply to new purchase loans submitted to Rocket Mortgage through a mortgage broker. Rocket Mortgage reserves the right to cancel this offer at any time. Acceptance of this offer constitutes the acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. Additional conditions or exclusions may apply.