Homebuyers

Is Spring the Best Time to Buy a Home? Weighing the Pros and Cons

Spring has long been the season when the housing market comes alive. More homes hit the market, the weather is ideal for house hunting, and many families aim to move before the new school year.

But is this season truly the best time to buy a home—or is it just the busiest? The answer depends on your local real estate market conditions, competition from other buyers, and your personal situation.

"Historically, the spring market is when housing inventory is at its highest point and when the largest number of buyers will be in the market for the year," said Wayne Curtis, a real estate agent with Sotheby's International Realty in Baltimore, Md.

"Generally, you will see your largest home price gains in a spring when growth in the number of buyers outpaces the growth in the [homes for sale,]" said Curtis.

Spring offers opportunities. However, timing your purchase depends on your situation, not just the season.

The pros of buying a home in the spring

For many buyers, spring may be their best opportunity to find the right home.

One of the biggest advantages is the number of listings available. Sellers are likelier to list their homes between March and June. This gives buyers more choices—and negotiating power.

Sellers whose homes have been sitting on the market without any offers will often cut prices or buyers may be able to negotiate repairs or help with closing costs.

More options mean a better chance of finding a home that meets your needs without having to settle.

Spring's longer days and milder weather also make attending open houses and inspecting properties easier. Homes also tend to look their best in natural light when the flowers are in bloom.

For families with children, moving in late spring or early summer allows them to settle into a new home before the next school year starts.

The downside? More competition and rising prices in the spring

While buyers will find more homes to choose from in the spring, they will also be faced with more competition for them.

When several buyers want the same home, this can lead to bidding wars. And that drives up prices.

Higher prices are also often due to larger, more expensive homes going onto the market in the season.

However, buyers who don’t pull the trigger may find they’re priced out of the homes they looked at just a year or two ago as prices continue to rise.

"The biggest mistakes I've seen in the last few years have been buyers who found a house they loved but didn't make an offer because they were afraid of overpaying," said Curtis. "Those houses now have continued to appreciate."

What happens if you wait to purchase a home?

Some buyers consider holding off for summer's slowdown or winter's potential price drops. While fewer buyers in the off-season can mean less competition, it also means fewer options.

"Sure, a buyer might get a better deal in the 'dog days' of summer or in cold winter," said Curtis. However, depending on where they’re looking, “their choices [may be] severely limited and they might not find a home that really suits all of their needs."

Waiting also comes with financial risks. If mortgage rates increase, the cost of buying later could be higher than expected.

The reality: Timing your home purchase to your needs

It’s hard to time the real estate market. That’s why buyers should purchase a home when the time is right for you—not just because the weather starts warming up.

Someone may need to relocate for work, there could be a baby on the way, or someone’s elderly parents may be moving back in with them. Those changing life circumstances are often more important to buyers than the season.

"Often real estate is a 'need it now' kind of activity," said Curtis. "The buyer has to buy now because they are moving for a new job, or the landlord has raised the rent again and their lease is coming up for renewal."