Spring has Arrived! So has the Buying/Selling Season.
Spring is hands-down one of the most popular times of year to buy or sell a home. With the weather warming up and people flocking outdoors, to the school year coming to an end, spring tends to be the time when the housing market rises. “Spring” in the real estate world starts in January – right after the holidays conclude – and peaks around mid-May. That doesn’t mean that there are no houses that sell during the summer, fall or winter months, but typically it does mean that more houses are on the market and more home buyers are looking to make a purchase.
Spring is one of the busiest times of year for the housing market. Does that mean it’s the best time of year for home buyers and sellers to enter the housing market? There are 4 key factors to consider when deciding to buy or sell a home in the spring.
- Home buying costs continue to rise
Between April 2016 and 2017 there was nearly a 12% increase in median house value across the state of Oregon. In comparison, the national average for this same 12-month period was 7.3%. Although house price appreciation is expected to slow slightly nationally, housing analysts expect home values in Oregon to continue to rise by 2%-3% extending through the spring of 2018. Those looking to buy a home in the next year should keep in mind that postponing their purchase may cost more money in the long run. Looking back at the first five months of 2017, the average rate for a 30-year fixed mortgage loan actually dropped from 4.2% in January 2017 to 3.95% in May 2017. Looking towards the spring of 2018, some real estate experts anticipate a gradual rise in mortgage rates (ref. 1). At Cascade Sotheby’s International Realty, our real estate experts understand that the best time to buy or sell a home is when the client feels confident in entering the housing market.
- Does weather play a role in the home buying and selling process?
After months of cold rain and snow, the sunshine and blossoms of spring are a blissful reprieve. As the weather gets warmer and drier, all key measures of housing activity spike. This includes an increase in searches, prices, starts, sales, and inventories, which tend to hit their annual lows in December (ref. 2). In January there are almost half the number of home buyers than in June (ref. 3). Starting in January, potential buyers begin their search, with search behavior peaking throughout March/April and staying high until August. In Oregon, June, July and August are the hottest months for online house hunting, based on a search traffic survey conducted from 2007-2012. In fact, 49 out of 50 states are 10% above their annual average in search traffic from March through July. Depending on where the transaction takes place, it’s important to be aware of the local market’s peak housing activity times. Home sellers may want to list during peak search times, while home buyers may prefer to search during off-peak times for a less competitive home buying experience (ref. 2).
- Gaining a competitive edge during the buying/selling process
Spring is largely regarded as the best time to enter the housing market, which also means that there is an increase in market competition during that time. With more people looking to buy, the market becomes more competitive. As a home seller, spring provides an opportunity for more interest in your property, although listing your house in late spring will also result in higher inventory levels (ref. 2). Winter home buyers will find lower home prices and less competition, although they will only see 79% of the housing inventory that home buyers see in the spring. However, a low inventory of homes may mean home buyers will spend more time shopping for the home of their dreams (ref. 3).
- Entering the housing market with a purpose
No matter the season, there are life events that require a home buying or selling experience. But for home buyers who aren’t influenced by a major life event, spring’s essence of new beginnings can inspire new transactions. “Spring” in the real estate world occurs from roughly January to July. Real estate and home building experts explain that an emphasis on the spring home buying season has its roots in practical reasons. For example, it fits nicely with the school calendar, allowing for a smooth transition when moving with kids.
As a home seller during spring, its crucial to identify less focused buyers who are just out to browse. Although the spring air may boost the attendance at an open house, the number of serious home buyers may still be limited. Whether buying or selling a home, in many cases, the best way to determine when to begin the process is to decide on the end date. On average, it takes about 30 days to close a sale. If taken into account the time it will take to find a dream home, a home buyer could easily be looking at 60-90 days going through the home buying process. If time is a factor, begin with an end-date in mind and work backwards from your date set goal (ref. 3).
Developing a solid understanding of some of the factors that play a role in the housing market will help home buyers and sellers choose the right time of year to enter the housing market. Spring may be the most common time of year for house shopping, with high levels of search activity, warmer and drier weather, and a potentially more competitive sale prices, but homes are sold year-round. Keep in mind that shopping for a home in the spring will lead to more competition with other buyers and potentially higher housing prices, while shopping during the winter months might bring you a better price on the property, but less inventory to choose from. If you have questions, don’t hesitate to contact a real estate expert at Cascade Sotheby’s International Realty.
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A Rare Bend Offering with VIEWS | GARY NORMAN-BUILT HOME
Discover this speechless Gary Norman-built home, an iconic property cradling the Deschutes River in Bend, Oregon and just minutes downtown Bend. Nestled near mature forests with endless outdoor opportunities, this highly-coveted home sits amid views of Mt. Bachelor, Broken Top and the River Canyon.
Framed by awe-provoking terrain, this exceptionally-designed home offers a magnificent natural backdrop for enthusiastic recreationalists drawn to the captivating beauty of Central Oregon. This open and bright home is the epitome of privacy with natural light within a detailed home that’s already poised to anticipate and attend to your every desire. Top-of-the-line amenities – walk-in refrigerator and freezer and built-in espresso machine – treat your family to the finest of comfort and design.
Featuring a 4,501 sq. ft. riverfront home situated perfectly on the canyon of the Deschutes River to take advantage of the magnificent wild river and historic forests that the Central Oregon has to offer. The proximity to the Deschutes River Trails allows you to walk or mountain bike along the river all the way to the Old Mill District and beyond.
Warmth and charm can be felt throughout this spacious, grand home with clean lines custom designed for family function with 5 bedrooms, 4.5 bathrooms, master suite with fireplace, additional family room, 3-car garage, outdoor deck and patio, and working elevator.
Celebrate the spectacular beauty of this rare gem as you enjoy the low maintenance landscaping and the enchanting river waters that lead throughout the surrounding woodlands. An enticing environment for exploring all the wonders of the great outdoors just minutes from golf, fishing, parks, and mountain vistas, this spectacular home is an ideal investment for those enamored with living the luxury lifestyle.
To schedule a private tour, visit our website or the single property website.
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From Basketball and Golf in California to Real Estate in Bend – The Journey of the Kearney Duo
Perhaps you’ve met them? Jodi and Brandon Kearney? Perhaps you’ve worked with them, buying and selling homes? As a husband and wife real estate power couple, how much about their story do you really know?
The Early Years
Jodi Kearney was born and raised in Polson, located on Flathead Lake in NW Montana. She spent the Montana summers boating and spotting beautiful properties on the water. Jodi was an avid basketball player and was fortunate enough to earn a four-year college scholarship. She spent two years in Coeur ‘d Alene, Idaho playing for North Idaho College and another two years in Helena, Montana playing for Carroll College. She competed on the golf team as well her senior year and graduated with a Bachelor’s degree in business.
After college in 2002, Jodi sought warm weather and decided to move to San Diego. She worked at Torrey Pines Golf Course by day and as a server downtown at night. Her position at the golf course opened the networking door for her into sales, selling switch blade divot tools called Divix. She traveled throughout Southern California selling these products to golf courses and retail shops. She found that she was great at selling – totaling over 400 accounts but didn’t enjoy the continuous travel required by the job.
Meanwhile, while Jodi was exploring Montana mountains, Brandon Kearney was growing up in San Diego, California. He was born into a real estate family, both of his parents being in the industry since 1972. He spent his after-school time being dragged to seemingly endless open houses and listing appointments. When it wasn’t “take your kid to work day,” Brandon too enjoyed sports. He grew playing them all: baseball, soccer, basketball, and golf. He played basketball and golf in high school and graduated from San Diego State University in 2002 with a Bachelor’s degree in Psychology. In college, he was a scholarship athlete and captain of the top ten nationally-ranked golf team. He turned professional and continued playing golf in the United Kingdom on the EuroPro Tour until a major chest injury prevented him from playing for over a year.
When Brandon wasn’t traveling for his golf playing or attending tournaments, he supplemented his income by buying and selling fixer-upper homes.
When Two Became One
When Jodi and Brandon first met, they did so at a night club in Las Vegas on Labor Day weekend in 2004. They learned quickly that they had only lived nine blocks away from one another while in San Diego yet had never crossed one another’s path.
After a year, Brandon’s injury was fully healed. The couple moved to Bend, Oregon in 2006. Brandon resumed his professional golf career where he earned full status on the 2008 Canadian Tour. He played in many state opens & section events for the Pacific Northwest PGA. Most significantly, he qualified for the Utah Championship on the Web.com Tour, won the 2012 PGA Northwest Open, and was awarded 2013 Assistant Player of the Year for the Pacific Northwest PGA.
That was the same year the couple’s daughter Stella was welcomed into the world. At the time, Brandon was pushing for a PGA Tour card. After a year of travelling and golfing – finding himself away from his family – they decided to reevaluate their goals as a family. Brandon would get his real estate license and they would approach their careers as a husband and wife team. Brandon received his license in 2013. In 2016, they welcomed their second child, their son, Saxon, into the world.
The move from sunny, warm California to February-frozen Bend, Oregon in 2006 had been a shock for Brandon, but they soon embraced the community. They sought and joined the Bend Golf & Country Club and made connections in their immediate neighborhood. Jodi loved the mountain air and fresh climate. She waited tables during her first two years in Bend while she earned her broker’s license and built her real estate business. The market was in a downturn. It wasn’t easy. But she knew that if she could make it in a down market then she could make it in any market. And that’s what she and her husband did. Together, they rank in the top 5% for volume of all brokers in Central Oregon. They’ve built their business on the founding principles: build relationships, provide excellent service, and working by referrals.
These days, the Kearney’s enjoy the outdoor activities of Bend. On any given day you can find them playing golf, skiing, hiking, riding bikes, or enjoying time in the sun with friends and family.
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