Spring is often seen as the busiest season in the housing market, with many buyers holding off until then to find their dream home. However, waiting for spring may not always be the best strategy, especially when you factor in the increased competition that comes with it. If you’re ready to buy a home in Omaha, NE, here’s why making your move before the spring market picks up could be a smart decision.
Spring Will Likely Bring a Surge of Buyers
The housing market tends to follow predictable seasonal patterns, with winter being slower and spring bringing a significant uptick in buyer activity. Experts predict that this trend will continue this year as well.
Right now, buyer demand is relatively low. This is due to a combination of seasonal factors and the rise in mortgage rates we saw last year. However, with mortgage rates beginning to decline since last November, more potential buyers are planning to enter the market. This means we’re in a sweet spot where you can take advantage of improving affordability while facing less competition.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“. . . expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”
For buyers in Omaha, this means moving now could give you a significant edge before other buyers jump back in.
Motivated Sellers Create Opportunities
Lower buyer demand this winter has also led to more motivated sellers, making it easier for you to negotiate a home purchase on favorable terms. According to a recent article in Forbes:
“. . . sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter of last year.”
This means you could potentially negotiate better deals or receive concessions, like help with closing costs or necessary repairs. However, as more buyers enter the market in the spring, sellers will have less reason to offer these kinds of incentives. That’s why taking action now could benefit you if you’re looking to buy a home in Omaha.
What This Means for You
The current market conditions present an opportunity for buyers to make a move before competition heats up. But the advantages won’t last forever. By working with a trusted real estate agent, you can get a better understanding of the Omaha housing market and see if now is the right time for you to buy.
Bottom Line
If you’re ready to buy a home in Omaha, NE, now may be the perfect time to act before the spring rush. With motivated sellers and less competition, you could secure a better deal and find your dream home sooner than expected. Let’s connect to discuss your homebuying goals and create a strategy tailored to today’s market.
