This article discusses the spring season.
The winter of 2014 has been tough across the U.S., but it hit the Atlanta area particularly hard. Although January and February are usually a great time to buy a house as far as prices and competition go, it wouldn’t be surprising if winter 2014 was even slower than usual for real estate sales. In other words, pent-up demand may create a very busy spring in Georgia.
But even in typical years, the spring season is an incredibly busy time for home sales — in fact, the National Association of Realtors says most sales take place between April and July.
Cold temperatures make traveling from home to home unappealing to all but the most committed of home buyers. Unless a buyer has an imperative to purchase a new house during the winter months, most would rather wait until the weather becomes warmer and the risk of snow or storms is reduced. Fulton County and surrounding areas offer particularly mild weather, with an average high of about 72 degrees in April, and 79 degrees in May — a much more attractive time to go to open houses and possibly move.
End of the School Year
Another reason why the spring season sees the greatest number of home buyers is due to scheduling. The late spring typically means the end of the school year for children. It’s often easier for families to move from one residence to another when the kids are on break, rather than deal with the hassle of having to pack up the family and move in the middle of the school year. Letting the kids finish out the year at their current school is also typically easier on them than having them start a new school in the middle of the year.
Since it can take time to find a house that is just right, it makes sense to start looking for a new home in March or April. Once you find the ideal home and close on it, you can take your time for your move.
It’s Tax Refund Time
While some people might rush to buy a home at the end of the year to take advantage of various tax breaks, others might decide to wait until the following spring, when they’ve received a decently sized refund from the Internal Revenue Service to make part of the down payment. Although some people wait until the last minute to file their tax returns, if you complete your return in February or March, you can have your refund in hand by April or May. As of February 2014, the average filer received a refund of $3,288, which can help a lot when it comes to either your down payment or closing costs.
Since more buyers are out and about during the spring season, it really is a seller’s market. If you’re considering selling your home, spring is the time to leap into action.