After a long spell of unseasonal sunshine, it looks like the rain may be back. The forecast for this weekend gives us nearly 50/50 odds of being rained out.
Here’s the question — if you’re active in the market right now, which would you prefer: rain or shine? I’d say it depends if you’re a buyer or seller.
If you’re a seller, you definitely want good weather. Bright sunshine and balmy weather triggers the release of home buying pheromones and gets you lots of weekend open house traffic. The more interest in your home, the better.
If you’re a buyer, especially a really committed one, you definitely want bad weather. Cloudy, overcast days, and preferably rain definitely dampens home buyer enthusiasm and reduces competition for that home you’re after.
This may explain the unusually early spring buying season we’ve been experiencing. We often get Seattle-type weather this time of year, with week after endless week of drizzing rain. As soon as the rain stops, the spring buying season starts. Last year the rain stopped late, and so the buyers came out late too. This year the rain stopped early — or so we thought — and the last two weeks have seen pretty frantic activity.
If my theory is right, and this rain persists, the market may taper off and wait until the rain really ends for the season.
Tags: For buyers, For sellers, Home buying, Home selling, Real estate, Strategy, Weather