Springtime is known to be one of the busiest times in real estate. It is one of the best times to put your home on the market. If you are thinking about selling your home, what does this mean for you? Here are a few things to consider, and why we encourage you to sell your home this season!
Mortgage Rates Will Climb
Freddie Mac reports the 30-year fixed mortgage rate has increased by more than a full point in the past six months. And despite some mild fluctuation in recent weeks, experts believe rates will continue to creep up over the next 90 days.
The Housing Inventory Will Increase
There may be some relief coming for buyers searching for a home to buy. Realtor.com recently reported that the number of newly listed homes has grown for each of the last two months. Also, the National Association of Realtors® (NAR) just announced the month’s supply of inventory increased for the first time in eight months. The inventory of existing homes usually grows every spring, and it seems, based on recent activity, the next 90 days could bring more listings to the market.
Home Prices Will Remain Strong
With demand for housing still outpacing supply (meaning, more buyers than available homes), home prices will continue to appreciate. Many experts believe the level of appreciation will decelerate from the high double-digit levels we’ve seen over the last two years. That means prices will continue to climb, just at a more moderate pace. Most experts are predicting home prices will not depreciate.
So, if you’re thinking of buying, act now before mortgage rates and home prices increase further. If you’re thinking of selling, your best bet may be to sell soon so you can beat the increase in competition that’s about to come to market.