Springtime in the Real Estate Market

Spring is in the air in Wyoming, and with the warmer weather often comes an influx of new housing inventory and people ready to make a move. We know that the last 12 months have been atypical for just about everybody in every market, but as things start to open up in Wyoming and across the country, we believe it is important to be prepared!

So, what could springtime mean for the real estate market and for you? Keep reading to find out.

1. Housing prices are not at their peak – yet

Historically, home prices reach their peaks during the summer months and their lowest during the winter months. This would lead spring and fall to be the shoulder seasons where prices fall somewhere in between. If you wait until the height of the summer, real estate prices will have likely gone up which means you may not be able to get quite as much bang for your buck with finding a new home or property.

2. It is easier to get your home ready to sell

We are quite sure that most everyone has heard the term “spring cleaning” – and it’s a term that goes hand-in-hand with getting a home or property ready to sell. Spending time cleaning out the inside of your home is just as important as taking advantage of the warmer weather and getting your yard in shape to up your home’s curb appeal. It’s a lot easier to get things in order when the sun is shining than when there are 3 feet of snow on the ground…..take advantage of the change of the seasons!

3. Interest rates continue to be low – but for how long?

As of the end of March (2021), 30-year fixed mortgage rates continue to hover just about 3%. Most people that have purchased a new home in the last year have enjoyed rates similar to these, and while they have remained low, experts expect rates to begin to increase over the course of the year. With the increased inventory and these low rates, the next few months could prove to be an excellent time to both sell and purchase property.

4. People are ready to make a move

It’s no surprise that people are ready to get out and about when the weather warms up. This means not only getting out to explore where you currently live but perhaps also (finally) having a chance to travel and explore new places. During quarantine, plenty of realized they weren’t living in the place or home of their dreams and decided to try a new spot. Just because quarantine is over, does not mean that it’s too late to follow suit! Maybe your family’s spring break or summer road trip will introduce you to a new hometown.

5. It’s a great time to get to know a new community (especially this year!)

Springtime usually brings an influx of community events and gatherings which, if you are looking to move to a new place, can be a great time for you and your family to get a good feel for where you are looking to move. Make sure to stop in the local visitor’s center or chamber of commerce to see what events are going on! Attending some local events Is a great way to get to know your (potential) new community.

With the renewed energy in the air, please reach out if you think making a move might be in your future! We can’t wait to help you and your family find your dream home.