Gearing up for Spring Home Sales

We are still scraping ice and shoveling snow in the Tri-Cities, but at the same time we’re gearing up for spring home sales.  Why so soon?  Several friends have approached us with the possibility of listing their home, and the question always comes up–when is the best time to list?  The answer is whenever the time is right for you, but according to statistics, that may well be February. 

Residential Sales 2011 - Richland, W Richland, Pasco, Kennewick

 Referring to the 2011 monthly chart, you’ll notice a few spikes in residential sales.  The first spike was in March.  Sales increased by 72, from 160 in February to 232 in March.  Another spike came in June.  Keep in mind the typical 30 day closing period for a loan, which means the contracts to purchase those homes were made in February and May. 

There are several reasons for the spikes; the Feb/March jump includes those who put off buying or selling over the winter–once spring begins, they’re ready to roll.  Sellers may be hoping to beat the crowd to have more choices to buy or time to build a new home by the end of summer (when I worked for a builder, I saw increased traffic in February–the majority already had houses listed or under contract).  May/June sales include those who want a head start on relocating, giving them time to settle in their new location before fall.  Also families with kids often move during the summer break from school. 

The real estate market can also be driven by interest rates, tax incentives, and the local economy.  February and May obviously don’t work for every situation; you’ll be glad to note that sales remain steady year-round in the Tri-Cities.  If you have questions about when the time is right for you, give us a call.  Our next client’s home will be listing on the MLS this week, so check back in a few days to see the new addition to our featured listings!