Are you gearing up for a move? Curious about the housing market’s pulse, where prices are headed, and what’s in store for mortgage rates? If you’re nodding along, you’re not alone. Here’s a peek into what industry experts foresee for this season’s real estate scene.
A Surge in Inventory
Odeta Kushi, Deputy Chief Economist at First American, notes a promising trend: inventory is on the upswing. But hold your horses – it might not be enough to meet the soaring demand just yet. Lisa Sturtevant, Chief Economist at Bright MLS, emphasizes this, pointing to the steadfast demand from the millennial cohort, primed for first-time homebuying.
A Balancing Act for Buyers and Sellers
Danielle Hale, Chief Economist at Realtor.com, paints a picture of the “best of both worlds.” Prices are stabilizing, a boon for buyers, while sellers still hold the cards with relatively high prices. Skylar Olsen, Chief Economist at Zillow, echoes this sentiment, urging sellers to prep their properties for a swift sale. And Jiayi Xu, Economist at Realtor.com, highlights a silver lining for buyers: more affordable options in certain price ranges compared to last year.
Selling? Act Fast. Buying? Be Prepared.
For sellers eyeing a spring listing, the timing couldn’t be sweeter. While inventory is on the rise, demand continues to outpace supply, ensuring swift sales. But for buyers, the expanding inventory means more options – just be ready to pounce amidst stiff competition.
The Bottom Line
Whether you’re gearing up to sell or scouting for your dream home, let’s team up to navigate the bustling spring market with confidence. With opportunities on both sides of the transaction, now’s the time to seize the moment and make your move in the ever-exciting world of real estate.
