4 Things To Expect from the Spring Housing Market

Spring is here, and the housing market is heating up! If you’re considering buying or selling a home, here’s why this spring could be a great opportunity.

1. More Homes for Sale

After a period of low inventory, the number of homes available is improving. Recent data from Realtor.com shows active listings are up 27.5% compared to last year.

• For Buyers: More options mean you can be choosier.

• For Sellers: With more homes available, you're likely to find what you want when you move. And since inventory levels are still below normal, your home will still be in demand.

2. Slowing Home Price Growth

As inventory increases, the pace of home price growth is slowing down. More homes mean more choices for buyers, reducing competition and causing prices to rise more slowly.

• For Buyers: Slower price growth is good news! Homes you buy now are likely to appreciate over time, helping you build equity.

• For Sellers: Prices are still rising, but you should price your home competitively. Overpricing could lead to a longer sale.

3. Stabilizing Mortgage Rates

High, fluctuating mortgage rates have been a challenge for buyers. The good news is that rates have stabilized and even declined slightly this year. This stability makes it easier for buyers to plan their budgets.

• For Buyers: More stable rates help you anticipate your future payments. However, remember that rates can still be volatile, so stay in touch with your agent and lender.

• For Sellers: Lower and stabilizing rates encourage more buyers to enter the market, which is good news for your sale.

4. More Buyers Are Returning

With the increase in inventory, slowing price growth, and stable mortgage rates, buyer confidence is rising. Data from the Mortgage Bankers Association shows more mortgage applications are coming in.

• For Buyers: It might be wise to act quickly before competition increases.

• For Sellers: More buyers mean a better chance of selling your home quickly.

Bottom Line

Have questions about the spring market and what it means for you? Let’s connect to discuss your plan for the season!

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