The Groundhog Day event occurs in a small town in central Pennsylvania each year on February 2nd. Punxsutawney Phil predictions of whether the weather will bring an early spring or whether there will be another 6 weeks of winter are broadcasted across countless media platforms. What I have found is that Groundhog Day marks the spring real estate market kick off whether Phil sees his shadow or not.
In those markets that experience winter months of snow and/or cold temperatures, people often exhibit cabin fever and are ready to get out and about and tour homes as soon as there is a sign of spring.
Realtors® predict an early spring market by several indicators, the strongest of which is the attendance of prospective buyers at Sunday open houses. Thus, it is helpful to track the actual number of people that visit. If it is trending up, then that is a good indicator. All signs for 2020 to date are showing phenomenal open house activity for homes priced correctly and in good condition.
By February there is often a significant increase in the number of Sellers who are preparing their homes for the market. Many have been waiting on the sidelines for springtime to appear. Thus, another indicator to watch is the rate that homes come onto the active market or in coming soon status. If it is at a faster clip than demand is absorbing them, then that is a sign that supply is building up.
Sellers may want to consider the potential advantage of being early on the market. Known as “first-mover advantage,” in this way they may beat out the competition.
The message to Sellers: No need to sit out the market any longer, spring has begun in the Northern Virginia real estate market. It is important to work with a Realtor® that is experienced and knowledgeable on how to navigate the rapidly changing market conditions.
The message to Purchasers: The lack of good homes to buy at market prices means that this is not a time to do it by yourself. It is even more critical to be represented by a professional Realtor® that you can trust.
Springtime always follows winter, thank goodness! Thus no matter what the Groundhog predicts in 2020, either way the spring market will come.
To receive a free, confidential Comparative Market Analysis, contact Karen Briscoe and Lizzy Conroy at HBC Group at Keller Williams. We love to help people in transition with their real estate needs, whether selling or buying a home. The group of active and experienced Realtors® in the Northern Virginia, suburban Maryland and Washington, DC market place consider it an honor to improve and impact lives. Please contact via the means most convenient for you: www.HBCGroupKW.com, 703-734-0192, Homes@HBCGroupKW.com.