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Are you gearing up for a move in the near future? If so, you’re likely curious about the state of the housing market—will there be more options available? Where are prices and mortgage rates headed? How do you navigate the current landscape effectively? Here’s a roundup of insights from industry professionals to shed light on what to expect this season.
Odeta Kushi, Deputy Chief Economist at First American, points out, “it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.” This indicates a potential increase in housing options, albeit with persistent demand.
Lisa Sturtevant, Chief Economist at Bright MLS, highlights the enduring demand, stating, “There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.” This underscores the continued interest from buyers, particularly among younger demographics.
Danielle Hale, Chief Economist at Realtor.com, notes an advantageous balance in the market: “Where we are right now is the best of both worlds. Price increases are slowing, which is good for buyers, and prices are still relatively high, which is good for sellers.” This suggests a favorable environment for both buyers and sellers, with a slowdown in price hikes benefiting buyers while sellers continue to see healthy returns.
Skylar Olsen, Chief Economist at Zillow, emphasizes the ongoing competition despite a slight increase in inventory: “There are slightly more homes for sale than this time last year, and there is still plenty of competition for well-priced houses.” This underscores the importance of preparedness for both buyers and sellers, with quick transactions becoming increasingly common.
Jiayi Xu, Economist at Realtor.com, offers insights into affordability: “While mortgage rates remain elevated, home shoppers who are looking to buy this spring could find more affordable homes on the market than they saw at the same time last year.” This suggests potential opportunities for buyers in certain price ranges.
For sellers, the current spring market presents a favorable scenario due to limited inventory. Although there’s a slight uptick, it’s not enough to meet the robust demand, resulting in quick sales.
Buyers, on the other hand, can anticipate a growing number of houses on the market this Spring. However, with increased options comes heightened competition, necessitating prompt action.
In conclusion, whether you’re planning to buy or sell, navigating the bustling spring housing market requires careful consideration and strategic planning. As the market evolves, aligning with a knowledgeable team can help you confidently navigate the complexities of the real estate landscape.
No matter your goals, let’s collaborate to make the most of the opportunities presented by this dynamic spring housing market.
