Ah, spring. It’s the time of year when flowers bloom, the sun comes out, and apartments go on the market. But is it really true that sellers wait until spring, or is that just something brokers want you to believe?
We’ve all heard the theory that the real estate market heats up during the spring season and dies out during the winter. But is this really true?
Triplemint CEO David Walker believes so. Using proprietary data collected from February to May 2016, Walker and his team were able to extract some interesting facts.
If you’re looking to rent a home and you have a tight budget, you may be better off looking early in February.
The median price increased by $54 between February and May, creating an average annual cost increase of $648 a year for renters who rent in May versus in February. – David Walker
Triplemint also unearthed some insights around the time it takes from signing to closing a deal. In February, the median days from signing up on the Triplemint website to closing a deal was 48 days. Fast forward to May, and that number drops by 47 percent to 25 days.
So what does this expedited time to close data mean for renters? A more competitive market perhaps. Having more people in the field could lead to some intense negotiations, giving an upper hand to those that chose to go with a proven broker over those who go it alone.
Working under that hypothesis, Walker looked to see if search traffic increased from February to May and the results were telling.
We analyzed the change in unique users on Triplemint.com between February and May and found that there were 87 percent more people searching in May versus February.
Armed with this knowledge, if you’re going to look for the apartment of your dreams this spring, come ready to fight and do your research.
Find the best broker for you and start searching now.