What the Experts are Saying About the Spring Housing Market
Introduction
If you're planning to move soon, you might be wondering if there'll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today's market. In this blog, we will explore what the professionals are saying about what's in store for this season. From the insights shared by industry experts, we will gain a better understanding of the current housing market and what it means for buyers and sellers.
Increase in Inventory
According to Odet Aushi, Deputy Chief Economist at First American, there seems to be a pickup in inventory for the spring. However, Lisa Sturdivant, Chief Economist at Bright MLS, points out that the strong demand from the large Millennial population remains, and the increase in inventory may not be enough to satisfy this demand. While there are slightly more homes for sale compared to last year, Skylar Olsen, Chief Economist at Zillow, emphasizes that there is still plenty of competition for well-priced houses.
Price and Affordability
Danielle Hail, Chief Economist at realtor.com, highlights that we are currently in the best of both worlds for buyers. Price increases are slowing down, which is favorable for buyers, while prices are still relatively high, benefiting sellers. G Shu, Economist at realtor.com, mentions that home shoppers looking to buy this spring could find more affordable homes on the market compared to the previous year. Specifically, there has been a 20.6% increase in homes available for sale ranging between $200,000 and $350,000 in February 2024, surpassing growth in other price ranges.
Competition and Quick Sales
Despite the increase in inventory, the demand from buyers is still high, resulting in quick sales. Skylar Olsen advises buyers to prepare their credit scores, while sellers should prepare their properties. Attractive listings are going pending in less than a month, and the time a property spends on the market is expected to shrink in the coming weeks. This means that buyers need to be prepared to act quickly to secure their desired home.
More Choices for Buyers
G Shu mentions that the growing number of homes for sale this spring means buyers will have more choices compared to the previous year. However, it's important to note that competition with other buyers will also increase. Buyers should be prepared to move swiftly and be ready to make competitive offers to secure their desired property.
Conclusion
No matter if you're planning to buy or sell in the spring, it's crucial to team up with professionals who can help you confidently navigate the busy housing market. Stay informed about the latest trends and updates, and consider working with a real estate agent who can provide expert advice tailored to your specific needs. Remember to like, share, and subscribe for more valuable insights. Thank you for reading!