Spring has brought a wave of change to the housing market, and uncertainty looms about what to expect next. Weary from a long winter, buyers routinely tend to pounce on the market once the weather begins to change. Many are pondering whether the market will see an increase in available homes, how mortgage rates and home prices may be affected, and what advice is best to follow in the current climate. If you’re a first-time homebuyer with little to no experience this means you’ll be up against many other prospective buyers and therefore can use all the help you can get to lock down a new home before it’s too late.
Let’s hear what industry experts have to say about the spring housing market and its implications for you:
Selma Hepp, CoreLogic’s Chief Economist, notes that buyers are facing increased competition in the current market. She points out that housing supply generally grows during the spring months, and that this is also a time when many people move in search of better employment opportunities.
According to Greg McBride, Bankrate’s Chief Financial Analyst, significant price changes are unlikely to occur in a month’s time. However, the housing market is displaying signs of progress, akin to the budding of flowers in spring. Although inventory is still low, increased market activity is likely to positively impact home prices.
Rick Sharga, Founder and CEO of the CJ Patrick Company, suggests that those who find a home they love and can afford should not delay in making a purchase. While home prices are not expected to plummet across most of the country, it is unlikely that mortgage rates will decline significantly, if at all, throughout the year.
Zillow’s Senior Economist, Jeff Tucker, agrees that the spring housing market is more favorable to buyers who can navigate the market’s affordability challenges. However, buyers should anticipate a higher level of competition due to the limited number of homes available on the market. Although new listings typically increase during this time of year, the rate of increase is slower than usual.
If you’re considering selling your home, now is an ideal time to do so, while inventory is still low. If you’re in a position to buy, seek advice from a team of experts to help you navigate the market with confidence. In any case, work with a real estate agent to ensure you make informed decisions during the spring housing market.
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At Layton Real Estate, we recognize the spring real estate market can be challenging for homebuyers. It’s always a good idea to surround yourself with good company when buying a house. Hiring a trusted and dependable REALTOR® can make the normally challenging process of searching for that right home that much more comprehensible, especially during the spring time when many other home buyers are actively in the market. We’re always happy to help, contact us today!