Navigating the Blossoming Housing Market

As you contemplate a move in the near future, you may be curious about the availability of homes, the direction of prices and mortgage rates, and the best strategies for engaging with the current market. Here’s a synthesis of insights from industry experts on what to expect in the upcoming season.

Odeta Kushi, the Deputy Chief Economist at First American, shares, “… 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.”

Echoing this sentiment, Lisa Sturtevant, Chief Economist at Bright MLS, notes, “There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.”

Danielle Hale, Chief Economist at Realtor.com, offers an optimistic outlook, “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.”

Skylar Olsen, Chief Economist at Zillow, advises, “There are slightly more homes for sale than this time last year, and there is still plenty of competition for well-priced houses. Buyers should prep their credit scores and sellers should prep their properties now, attractive listings are going pending in less than a month, and time on market will shrink in the weeks ahead.”

Jiayi Xu, an Economist at Realtor.com, highlights a specific opportunity, “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. Specifically, there were 20.6% more homes available for sale ranging between $200,000 and $350,000 in February 2024 than a year ago, surpassing growth in other price ranges.”

For sellers, this spring presents an opportune moment as the market is not flooded with listings. Although inventory is on the rise, it falls short of quenching the robust demand, leading to quick sales.

Buyers, on the other hand, can rejoice in the increased inventory this spring, offering more options than the previous year. However, readiness and swift action are key, given the competitive landscape.

In conclusion, whether you’re considering selling or buying, partnering with a local real estate expert is crucial for successfully navigating the bustling spring housing market. At My City Lending, our local mortgage advisors are here to provide you with personalized guidance and support every step of the way. Contact us today to explore your options and make informed decisions in this dynamic market.

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