April, May, June and July are the busiest months of the year for residential real estate. Have you ever wondered why? There are actually a number of reasons why spring and summer are such busy home buying and selling seasons.
One of the biggest reasons is that most children with traditional school schedules are released in May or early June and return to school in August. As a result, many home buyers with children want to schedule moves in June and July. That means starting the home buying process as early as April and May. Many corporate relocations are announced in the first quarter of the year as well, which put home sales and purchases into the spring-summer time period.
Spring and summer are also great times of the year to showcase a property. The grass is getting green again, flowers are blooming and it’s warm outside. And there’s nothing quite like a beautiful lawn and flowering plants and trees to put anyone in the home buying mood. It’s also easier and more enjoyable to shop for a home when the weather is good, especially for those who live in areas with harsh winters. It’s easier to move when the weather is good.
Another reason spring and summer are such popular home buying seasons: Finances. Most Americans receive tax refunds each year, with the average refund check totaling about $3,000. Some families receive refunds of $4,000 to $10,000 or more. That extra cash can provide a much-needed boost to the home buying process. Most families have paid off their holiday bills by spring as well.
This year, another factor is mortgage rates. Home loan rates are still incredibly low, but there’s a fear that rates will start to rise later this year. Low mortgage rates help families stretch their home buying dollars and lock in a low rate for years to come. At Primary Residential Mortgage, we offer a variety of home loan programs. Ready to take the next step toward homeownership? Let us know right here and one of our financial experts will be in touch.