Spring and summer are the busiest seasons of the year for residential real estate. According to data from the National Association of Realtors, most home sales each year occur over four months — April, May, June and July. But did you ever wonder why? There’s actually a number of factors that make spring so popular among home buyers and sellers. Here are three of the biggest ones:
Many families want to move in the summer. Many children are in school through May or early June of each year. And they’ll typically return to school from summer break in mid- to late-August. As a result, many home buyers with children want to schedule moves in June and July. That means starting the home buying process in April and May.
Tax refunds have arrived. 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’s a great start on a down payment. With the FHA loan program, you may be able to purchase a home with as little as 3.5 percent to 5 percent down. The VA home loan program also has low-down payment and even no-down payment options!
The lawn looks good. The grass is getting green again, flowers are blooming and it’s warm outside. It’s a great time of the year to showcase your property. And there’s nothing quite like a beautiful lawn and flowering plants and trees to put anyone in the home buying mood.