What house-hunters can expect for spring homebuying season, according to Realtors
April showers bring May flowers — and, typically, a lot of blossoming homebuyers. As the weather begins to brighten, the housing market historically gains momentum, with crowded open houses and an uptick in listings. But will the sun shine on hopeful house-hunters this spring?
The answer may depend on where those homes are located. Some markets are so red-hot that they’re still seeing bidding wars: The typical home in Rochester, New York, for example, receives an average of five offers and sells in just 17 days, according to February Redfin data. The median price of a home there has risen more than 26 percent since last year. Meanwhile, some once-hot markets have all but dried up. In Austin, Texas — which formerly attracted all the cool kids — Redfin’s data shows that prices are down and homes now take an average of 89 days to sell.
If you’re gearing up to buy a new house this spring homebuying season, consider this advice from real estate agents across the country on commissions, price negotiations, mortgage rate moves and more.
Commission concerns: No serious changes
Last summer, everyone was abuzz about new commission rules, which went into effect in August and seemed to represent a major shift in the way Realtors are paid. Some wondered whether home sellers would stop paying for their buyer’s agent’s commission, or whether buyers might just try to go it alone to avoid paying the fee. So, what happened? Well, according to Realtors themselves, not much, really.
“In my market, 95 out of 100 sellers are still covering both agents’ commissions, because if they don’t, buyers may not even step foot in their home,” says Scott Bergmann, broker and owner of Realty ONE Group Authentic in Omaha, Nebraska. “Buyers now have to sign a buyer-agency agreement, which means they need to understand how their agent gets paid.”
Keep in mind: Despite recent changes, many sellers are still willing to cover both agents’ commissions.
It’s important to have a plan if you do encounter sellers who don’t want to pay, though. “Most agents may say ‘the seller will cover,’ but that isn’t always a guarantee,” says Blake Blahut, Broker Associate & Realtor at Realty ONE Group Inspiration in Orlando, Florida. “Ask your agent how they can be prepared in those rare circumstances the seller won’t compensate, and if they are negotiable on their fee in those situations.”
Price cuts and concessions: Sellers are softening
While sellers still hold the upper hand in most of the country, with more buyer demand than there are homes for sale, there are signs of that competitive advantage chipping away. More sellers are coming to the bargaining table these days.
In Central Florida, for example, Blahut says that inventory levels are the highest they have been since 2015, which gives buyers room to negotiate a lower price and/or possible closing costs or concessions. “Sellers are being more open-minded to such terms,” Blahut says, “especially if it’s the difference between moving or not.”
Keep in mind: Buyers are gaining more leverage, and sellers may be more willing to negotiate on price.
Andrew Fortune, Realtor and brokerage owner of Great Colorado Homes in Colorado Springs, sees similar signs in his market, with inventory at its highest level in 12 years. “Every month, homes are stacking up more and more,” Fortune says. “Sales have been sluggish, and sellers have been slowly feeling the pressure. Be prepared for tough negotiations as sellers finally come to terms with the fact that they have to start dropping prices this year.”
Don’t go into the process assuming that every seller will be willing to entertain a below-listing price, though. Bergmann points out that move-in ready properties in Omaha are still commanding almost-instant offers. “Move fast on the good ones,” he says. “The best homes still get snatched up quickly.”
Mortgage rates: Learning to live with them
The nation’s inflation rate is still well ahead of where the Federal Reserve would like it to be. That means the federal funds rate isn’t likely to come down meaningfully, and while mortgage rates don’t move in lockstep with the Fed, Realtors say the takeaway is simple. If you hope to buy a home this spring, they advise, accept that the season’s mortgage rates are what they are and build a budget around their current range.
Keep in mind: Mortgage rates are not likely to drop significantly this homebuying season.
“Don’t sit out there on the sidelines waiting for interest rates to drop,” says Sherry Rahnama, broker and owner of RE/MAX Executives in Fairfax, Virginia. “Rates are probably going to stay right around where we are now. Economists are predicting that there may be a slight drop, but it’s not going to be so drastic that it’s going to change your affordability that much.”
In addition, she warns, “What’s going to happen is, when they do drop, everyone’s going to get into the market and you’ll find yourself in a bidding war.”
Down payments: Bigger is (still) better
Keep in mind, too, that some of of this spring’s homebuyers may not even be concerned about mortgage rates. “A lot of these buyers are cash buyers,” Rahnama says of the luxury market in her area. “Financing doesn’t even come into play.” In fact, Redfin reports that nearly one-third of home purchases in 2024 (32.6 percent) were all-cash deals.
But most people aren’t sitting on a mountain of ready cash, and that’s OK. What’s important is to remember that the bigger a down payment you’re able to make, the better position you’ll likely be in financially.
Keep in mind: A larger down payment can make your offer more attractive to sellers.
For one thing, the more you can pay upfront, the less you’ll have to borrow. And in this spring’s market, a bigger down payment can also make your home offer more appealing to anxious sellers: “The more money you put down on your home, the stronger your offer looks,” Fortune says. “The stronger you are, the less a seller wants to lose you. Figure out how to get the most amount of cash to leverage a desperate home seller to get a good deal.”
Bottom line on spring homebuying season
Not sure whether to buy a house this spring or wait? Just because it’s homebuying season doesn’t mean you should jump the gun before you’re ready. Follow the advice of the Realtors above: Consider commissions, look into the possibility of seller concessions or price cuts, be realistic about mortgage rates, and make as big a down payment as you (comfortably) can. If you’re ready — or even if you still have a lot of questions — it’s smart to work with an experienced local real estate agent who can help you cut through the noise and navigate the twists and turns of your local market.
