The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring. You may be wondering if more homes will go on the market, what’s next with home prices and mortgage rates, or what the best advice is for someone like you who wants to know if now is a good time to buy or sell a home. Hearing what industry experts are saying about the spring housing market could help clarify your thoughts.
In an earlier blog, we wrote in-depth about why Spring is a great time to list your home for sale and how best to prepare it for sale. We’ve also written extensively about why buying a home is a wise decision. At the same time, it would definitely be helpful to get some advice from some recognized experts.
So, here’s what the experts are saying about the spring housing market right now and what it means for you:
Selma Hepp, Chief Economist, CoreLogic:
“We see more competition among buyers . . . Housing supply also tends to grow during the spring months. And this is also the time of year when relatively more migration happens, as people graduate and move elsewhere looking for jobs.”
Greg McBride, Chief Financial Analyst, Bankrate:
“I don’t expect big moves in prices in the span of a month, but like the flower buds of spring, the housing market is showing signs of improvement. A pick up in activity with inventory still low does bode well for home prices.”
Rick Sharga, Founder and CEO, CJ Patrick Company:
“If you can find a home you love and can afford at today’s prices, don’t wait. Home prices in most of the country are unlikely to crash, and mortgage rates will only come down very gradually if they decline at all this year.”
Jeff Tucker, Senior Economist, Zillow:
“The market is still much friendlier this spring for buyers who can overcome affordability hurdles, but buyers are going to see more competition than they might expect because there are not many homes on the market to go around. New listings are increasing, which they almost always do this time of year, but not nearly as quickly as usual.”
The experts have spoken and if you’re considering selling your house, this Spring is a great time to do so while housing inventory is still low. And if you’re in a good position to buy, lean on your team of expert advisors for the best advice. Whatever your plans, let’s connect to ensure you can navigate the spring housing market confidently. I’m pleased to answer all of your questions about the housing market and, if you’re ready, begin the home selling or buying process now.
At Bay Shores Real Estate we would love the opportunity to help you find the home you’ll love! We are a full-service real estate services firm with a highly personal approach. Our office is in Newport, RI, but Bay Shores serves clients throughout Rhode Island and Southeastern Massachusetts. You can rest assured knowing we’ll help you find the home that’s perfect for you and will be with you every step of the way through the entire process!