Expert spring market advice to help you make your move
If you’re planning to move soon, you might be wondering if there will be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. On the other hand, if you’re planning to sell your home, you will want to know the current market value and demand to maximize your sales price.
Many homeowners and homebuyers right now are interested in knowing more about the spring market, but a lot of information you see online may not always be reliable, so I’ve rounded up several expert opinions that will help you navigate the market better and enable you to take advantage of it. Here’s what the experts are saying:
According to the Deputy Chief Economist at First American, an uptick in inventory in the spring season is expected. However, it may not be enough to meet the current demand. Bright MLS chief economist mirrors this sentiment, too, saying that strong demand mostly comes from first-time, millennial home buyers.
Realtor.com chief economist suggests that the current market right now offers both buyers and sellers the best of both worlds. The price increase for homes on the market is slowing, while the market value remains high, benefiting buyers and sellers, respectively.
Similarly, the chief economist for Zillow notes a slight increase in homes for sale compared to last year, yet competition for well-priced properties remains fierce. This means that in order to prepare themselves for the market rush, buyers should keep their credit scores high, and sellers should gear up for the home selling process as attractive listings can successfully close a deal in less than a month. But despite elevated mortgage rates, spring home shoppers may find more affordable homes compared to the listings last year, according to Realtor.com.
So, what does this mean for you? If you’re considering selling, spring might be the best time to list your home due to limited inventory. Although there’s an uptick in inventory, it’s still not enough to meet buyer’s demand, which means homes are selling fast. On the other hand, if you’re planning to buy a home, you’ll have a lot of options to choose from, but buyers have to prepare to be quick in making an offer because the market competition is quite high.
Despite the excitement of buying or selling a home, it does take considerable time, work, and effort, so hiring a real estate professional will lighten your load. Whether you’re buying or selling, I would love to partner with you to help you reach your goals this spring season. Call me anytime at (800) 722-2585 today.
