Spring is in full swing, and the housing market is picking up along with it. If you’ve been wondering whether now is the right time to buy or sell, here’s the inside scoop on why this season may be the perfect time to make your move.
1. There Are More Homes for Sale
After a long stretch of tight inventory, the number of homes for sale is finally improving. According to recent national data from Realtor.com, active listings are up 27.5% compared to this time last year. While inventory levels haven’t returned to pre-pandemic norms, they are higher than in recent years.
- Buyers: More choices mean you can be more selective.
- Sellers: You’ll have an easier time finding your next home while still benefiting from strong demand.
2. Home Price Growth Is Moderating
As inventory grows, home price growth is slowing down. This is due to supply and demand—more homes on the market mean buyers have more options, leading to less competition per listing. However, prices are still expected to maintain a positive trajectory in most markets.
- Buyers: Slower price growth means homes are not appreciating as quickly, making them more affordable over time.
- Sellers: While prices are still rising, pricing your home competitively is key to attracting offers in a balanced market.
3. Mortgage Rates Are Stabilizing
One of the biggest hurdles for buyers has been high, volatile mortgage rates. The good news? Rates have stabilized recently and even declined slightly since the start of the year. This makes buying a home more predictable and appealing.
- Buyers: Stable rates help you better plan your finances.
- Sellers: Lower rates encourage more buyers to enter the market, increasing demand for your home.
4. More Buyers Are Returning
With increased inventory, slowing price growth, and stabilizing mortgage rates, buyers are gaining confidence and re-entering the market. Data from the Mortgage Bankers Association (MBA) shows an increase in mortgage applications compared to earlier this year, signaling growing demand.
Bottom Line
This spring presents a unique opportunity for both buyers and sellers. Whether you’re looking to purchase your dream home or sell your current one, now is a great time to make your move. Connect with the Audra O’Neal Team today to navigate the market and take advantage of these favorable conditions.
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