Seasonality plays an important role in home buying. If you’re new to the home buying game, you may not know about this underappreciated trend in the mortgage industry.
According to housingwire.com and the data they’ve gathered from the National Association of Realtors, the number of home sales increases as the housing market enters spring, and since 1999, non-seasonally adjusted home sales have increased on average 33% between February and March. The study infers that mortgage applications for home purchases often skyrocket in January and February, with peak home sales occurring in April and May.
Throughout the rest of the warmer months of the year (May, June, July and August) make up 40% of the year’s total houses sold, according to the data.
What does this mean for those of us looking to buy a home? For those who pay attention to the market trends, it’s advisable that sellers should list their homes about this time. All-in-all the likelihood of finding the right property increases dramatically in the spring!