Back to School and the Housing Market

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Over the last few weeks, we are sure your social media feed has been full of girls with perfectly curled pig tales and boys with clean t-shirts holding “First Day of School” signs. That’s right, back to school season is here! At Target the spiral notebooks are all in disarray, and on the real estate market, the sellers are all stressing. “Did I miss that summer sweet spot of selling?!” “Should I take my home off-market?!” While it is true we have a cynical market – there is no need to stress. We will dive into the different stats, pros, and cons of listing during different seasons. According to Trulia, families with children under the age of 12 have placed high importance on school districts when looking for a home. So it makes sense that these families prefer to settle in before the beginning of the school year. Because of this, it is common to see an increase in homes sold between May and August. As Millennials have entered the housing market, this trend is expected to continue. In a Realtor.com survey, 52% of millennials claimed a poor school district is a total deal-breaker – previous generations were at 31%. However, before you get worried, wondering if you should have your home one the market, here is a friendly reminder not all buyers have children! Zillow reports that more than half of homebuyers aren’t married and are not on a school timeline. Instead, they move to a completely different time frame. These cycles are great to keep in mind when listing and when purchasing. Statistically speaking, January can be one of the best months to put in an offer on a home – there is less competition on the market, and sellers are highly motivated. While spring can be known as the “top-selling season,” there is still plenty of movement on the market. In fact, according to ALTOS market reports, 2019 has been a great market and favored sellers. Inventory is still low, and demand is there. All in all, don’t let the first day of school jitters keep you from entering the market. Sources:  ArticleZillowRealtor.comForbes.com