Buyers: Is waiting until the spring market the right move?

Oh, the spring real estate market. It’s sort of legendary! And rightfully so: it is definitely the busiest time of year in real estate. But it is always around this time of year when I start thinking about the virtues of the fall market, especially for buyers. Today I am sharing the top reasons I believe it may be best NOT to wait until the spring. 

Competition is fierce in the spring
We recently wrote a blog post about the current market slowing, which opened a window of opportunity for home sale contingencies. If you are someone who needs to sell in order to buy, you should know that in the spring market, home sale contingencies are pretty much off the table in the Chicagoland market. Competitive offers are as “clean” as possible, which means no contingencies of any kind. 

The spring market also means the year’s highest level of active buyers are out making offers. Increased buyer demand means increased multiple offer situations, tighter timelines and overall a more frenzied marketplace. 

More sellers are motivated now
Many sellers who have been on the market the last few weeks or months are ready to get their property off their books before year’s end. And with Q4 typically being one of real estate’s slower quarters, sellers may be more motivated to make a deal. There are also some sellers who need to relocate by the end of the year for one reason or another, and they are also highly motivated to sell. In these cases, contingencies may once again be an option for buyers. 

While inventory may be lower, what is available is solid
Sometimes in the spring market you have a seller who is testing the market to see what they can get for their property. We really don’t see this happening in the fall, meaning that what is for sale is ready to go. 

Rates are currently low
We never know what the future holds for interest rates. But what we do know is that they are currently very low. 

Next steps
If you are thinking of buying and this information motivated you to get started now versus later, the first thing to do is contact us. We will put you in touch with a great lender, who will get you pre-approved for a mortgage loan. We will also start the conversation around what you are looking for and send you some options, both on and off the market!