The housing market has been undergoing significant changes, creating a sense of uncertainty as we approach the spring season. Many individuals are curious about what to anticipate during this time, including whether more homes will enter the market, the potential trajectory of home prices, and the outlook for mortgage rates. To shed light on these concerns, experts in the field have shared their insights regarding the spring housing market and its implications for prospective buyers and sellers.
Selma Hepp, Chief Economist at CoreLogic, highlights the increased competition among buyers that is currently prevalent in the market. She also notes that spring typically sees a growth in housing supply, as more homeowners list their properties for sale. Additionally, this time of year witnesses a rise in migration as individuals graduate and seek job opportunities in new locations.
Greg McBride, Chief Financial Analyst at Bankrate, believes that while significant price fluctuations within a month are unlikely, the overall housing market is displaying signs of improvement. Despite the limited inventory available, increased market activity bodes well for home prices.
Rick Sharga, Founder and CEO of CJ Patrick Company, advises potential buyers not to wait if they find a home they love and can afford at current prices. He suggests that home prices are unlikely to experience a drastic crash in most areas. Furthermore, any potential decline in mortgage rates, if it occurs at all, is expected to be gradual.
Jeff Tucker, Senior Economist at Zillow, explains that the spring housing market is relatively more favorable for buyers who can overcome affordability challenges. However, due to limited housing inventory, these buyers will face heightened competition. Although new listings are increasing, they are not keeping pace with the usual rate for this time of year.
In summary, if you are contemplating selling your house, the current low inventory makes it an opportune time to enter the market. On the other hand, if you are in a favorable position to buy, seeking guidance from expert advisors is crucial in order to navigate the spring housing market with confidence. By making informed decisions and staying aware of the current market conditions, you can position yourself for success in your real estate endeavors.
